Bank of America, which is set to complete its acquisition of Merrill Lynch this year, has dismissed about 20 senior executives, The Wall Street Journal reported.þþThe bank, which has been grappling with slackening business due to the recession, cut senior staff as part of plans announced last week to shed 30,000 to 35,000 jobs over three years.þþThe bank’s general counsel, Tim Mayopoulos, and the head of consumer banking on the West Coast, Brad Dinsmore, were among those dismissed, The Journal said.þþFinancial companies have announced more than 250,000 job cuts this year, according to outplacement firm Challenger, Gray & Christmas Inc.þþBank of America shares were down along with other financial sector stocks on Monday. The bank’s shares were at $13.93, down 6.7 percent or just over $1.þþ
Source: NY Times
