Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Bank of America cuts 20 senior executive jobs

Posted: December 16th, 2008 | Author: | Filed under: By Location, USA | Tags: | No Comments »

Bank of America Corp, which is set to complete its acquisition of Merrill Lynch & Co Inc this year, has dismissed about 20 senior executives, The Wall Street Journal reported on Monday.

The 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.

Bank 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.

From Yahoo! Finance

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