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Bank Of America Expected To Lay Off Thousands

Originally published on August 19, 2011 9:17 am
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RENEE MONTAGNE, host:

NPR's business news starts with layoffs at Bank of America.

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MONTAGNE: The nation's largest bank will lay off 3,500 employees this quarter, in addition to the 2,500 jobs it's already cut this year. Reports say the bank could eliminate up to 10,000 jobs, though a bank spokesman would not comment on that figure. BofA's stock is down over 50 percent since January.

Many big banks suffered when the housing market tanked, but Bank of America got hit particularly hard and is still grappling with related losses and lawsuits. Transcript provided by NPR, Copyright NPR.