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 …

Job cuts hit hard in lending and mortgage industry

HSBC said it will also sell, shut or slim down retail operations in 39 markets, where operations are sub-scale and unprofitable and is looking to sell its U.S. credit card arm and shrink its network of 475 U.S. branches. HSBC’s move would be the latest in a wave of cuts announced by the global financial …