Bank of America to lay off 3500

Bank of America Corp Chief Executive Officer Brian T. Moynihan told his managers at the biggest U.S. lender to expect 3,500 job cuts this quarter.

Some employees have already been informed of the firings, which are in addition to 2,500 reductions already made this year, Moynihan said in a memo sent to employees yesterday. The job cuts aren’t part of the Charlotte, North Carolina-based firm’s expense-trimming effort called Project New BAC, according to the memo.

“This obviously is a challenging time for our company in the markets, and for our shareholders,” Moynihan, 51, said in the memo. “I know it is tough to have to manage through reductions, but we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully.”