Bank of America To Continue Shakeup, Streamlining

Bank of America's (BAC) reorganization, which included Tuesday's ouster of two top executives, will continue into March and is expected to include potentially tens of thousands of layoffs.

The biggest U.S. bank by assets said it's streamlining its management and operations under a revamp program that started in April. An estimated 6,000 positions have been cut this year, as BofA also tries to shore up its capital.

Shares leapt 6% as of 12:45 p.m. ET, though they have lost about half their value since the start of the year. Wells Fargo (WFC), Citigroup (C) and JPMorgan Chase (JPM) were up as well.

BofA named David Darnell and Thomas Montag co-chief operating officers. It removed wealth-management chief Sallie Krawcheck and consumer banking chief Joe Price.

Read Full Article from Investor's Business Daily

- Posted: 2011-09-07 13:01:48

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