Bank of America considers cutting up to 40,000 jobsSeptember 9, 2011 - 12:56 AMT PanARMENIAN.Net - U.S. financial giant Bank of America is considering cutting up to 40,000 jobs as part of a hotly anticipated round of belt-tightening, AP reported citing The Wall Street Journal. The Journal quoted unnamed sources as saying the company had discussed cuts of 30,000 to 45,000 jobs, but it said the numbers could still change and that the decision would be carried out over a period of a few years. Such cuts would amount to more than 10 percent of the company's workforce. The bank has been pummeled with losses from the 2007-2009 financial crisis and has recently been hit with a series of multi-billion dollar lawsuits relating to dodgy mortgage-backed securities issued by its subsidiaries, Countrywide Financial and Merrill Lynch. Weighed down with the lawsuits, the bank reported a net loss of more than $9 billion in the second quarter. Amid rumors that it had serious capital deficiency problems, last month it announced a $5 billion injection from investment guru Warren Buffett's Berkshire Hathaway. It has also said it will sell half of its 10 percent stake in China Construction Bank to raise about $8.3 billion in cash. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |