Bank of America Curbs Investment Banking
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The banking giant said it was scaling back its investment banking operations and shedding an additional 650 jobs.
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Bank of America Corp  on  Wednesday said it planned to eliminate 3,000 jobs, and shook up  its corporate and investment bank after a dismal quarter at  that unit led to a 32 percent drop in overall profit.
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Bank of America Corp  on  Thursday said it will stop offering home mortgages through  brokers by the end of the year, resulting in a loss of 700  jobs, so that it may focus on lending directly to consumers.
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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Lehman Brothers Holdings will cease wholesale mortgage lending in the United States, a move that includes 1,300 job cuts.
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Bank of America is backing away from âHigher Standardsâ â at least in its new national advertising campaign.
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Investment bank Lehman Brothers  Holdings Inc  on Thursday said it would stop wholesale  mortgage lending amid a continued slump in credit and housing  markets, a move that will impact 1,300 jobs and result in a $40  million charge.
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CHARLOTTE, N.C.  -- Bank of America Corp. said Thursday that it plans to cut about 2.5 percent of its work force, eliminating about 4,500 jobs as part of a restructuring following its acquisition of FleetBoston Financial Corp. last spring.
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Bank of America Corp., which endured sharp cries of broken promises from state officials after it cut jobs at former Fleet branches, announced Thursday that it would move its wealth and investment management business to Boston.
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Big banks have pulled the plug on a Treasury Dept.-backed plan to rescue troubled investment vehicles leveled by the subprime mortgage crisis.
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Bank of America Corp  on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.
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Bank of America Corp. will move its Wealth and Investment Management division to its Boston offices. Of 10 senior executives that will be based in Boston, only two will come from Charlotte.
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The Bank of America Corporation said yesterday that it would cut an additional 4,500 jobs from its ranks, beginning this month, as it simplifies operations.
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Bank of America Corp. said yesterday it will eliminate 4,500 more jobs as it absorbs the operations of FleetBoston Financial Corp.
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Bank of America Corp  said on  Tuesday it would eliminate 650 corporate and investment banking  jobs and sell its equity prime brokerage business, as the  second-largest U.S. bank retrenches in the face of difficult  credit market conditions.
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Vanguard and Fidelity hinder Barclays' ETF strategy.
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In its effort to cut down on the type of rapid, short-term trades in mutual funds that were at the center of the industry's market-timing scandal, Fidelity Investments has imposed new fees so stringent that major clients such as the Coca-Cola Co. 401(k) retirement plan have stopped investing in Fidelity's funds.