Bank of America to Cut 3,000 Jobs

The jobs will primarily be cut out of their investment banking and capital markets groups in a further sign that the credit contraction has caused a mass reduction in activity in the secondary markets and structured finance arena. From Market Watch: Bank of America said late Wednesday that it is cutting roughly 3,000 jobs and launching a strategic review of its investment banking business after recent poor performance from the unit. Most of the job cuts will be from Bank of America's investment banking unit, it said. Those reductions represent less than 2% of the company's staff. Business Lending, Treasury Services and Capital Markets and Advisory Services, as well as supporting infrastructure, will be affected, the bank said. Bank of America reported a 31% drop in third-quarter profit l