Bank of America 'cuts more jobs'

19 August 2011 Last updated at 02:14 ET Bank of America 'to cut 3,500 jobs' Bank of America is to cut 3,500 staff this quarter as part of a restructuring Wholesale Replica Gucci Sunglass Online plan, reports in the US say. The bank was hit hard in the US housing bubble and subsequent market crash. In July, the firm reported a record quarterly loss after agreeing an 8.5bn (£5.2bn) settlement related to sub-prime mortgages. The Wall Street Journal (WSJ) and New York Times say the job cuts at the biggest US bank by assets might eventually exceed 10,000. According to its latest annual report the bank had about 280,000 employees at the start of 2011. The WSJ said the initial Cheap Gucci Outlet Online 3,500 job cuts would be spread across the bank's business including investment banking and trading. The bank's share price has fallen by nearly 50% so far this year, and it was one of the biggest fallers overnight on Wall Street, seeing its price fall by 5.8%. On Monday, the bank said it planned to sell its 8.6bn Canadian credit card portfolio to TD Bank Group. It also wants to exit its UK and Irish Republic credit card businesses, and will either sell or wind down those operations.