Bank of America to cut 650 jobs, sell brokerage business

01/16/2008 | Financial Times (free content)

Struggling with massive third-quarter trading losses, Bank of America is planning a number of moves to shore up its business. The bank plans to cut 650 positions from its investment bank, sell its prime brokerage business, and reduce securitized product offerings. And while it is expected to announce a profit when it reveals earnings for the fourth quarter, the bank has warned that those results will include a $3.3 billion provision for further write-downs and loan losses.

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