Bank of America slashes costs with 40000 layoffs

Bank of America Corp. is preparing to slash 40,000 or more jobs nationwide, a dramatic retrenchment that reflects the deepening woes of the country’s largest bank and the magnitude of the U.S. economic slowdown. The layoffs will come mainly from the BofA’s sprawling consumer-banking operations. Bank of America (BofA) hopes to fashion a smaller but …