Bank Of America Scales Back
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Looks as if there's going to be some elbow room at the unit's new $1 billion Manhattan HQ.
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Blames weak pound DCC Plc today scaled back its operating profit growth expectations for the year ended 31 March 2008, saying it had been hampered by weaker sterling.â¦
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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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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 plans to move an additional 300 jobs from its Wealth and Investment Management businesses to Boston. The bank was sharply criticized after it cut jobs at former Fleet branches in Massachusetts.
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Bank of America Corp. said Thursday it will cut about 4,500 jobs, or about 2.5 percent of its work force, beginning this month as a result of its merger with FleetBoston Financial Corp.
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Businesses reined in spending on major purchases last month, a sign that corporate America is pulling back as the economy slows down.
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Bank of America Corp , the  second-largest U.S. bank, said on Tuesday fourth-quarter profit  sank 95 percent, hurt by more than $7 billion of losses tied to  poor trading decisions and mounting credit woes.
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Business & money: Lenders move swiftly to cut home loan rates after the Bank of England cut the price of borrowing
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Bank of America has an option to cut at least 4,500 jobs while reorganizing its structure. This is not the first time when the bank reduces jobs.
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A central bank adviser quoted as saying the government had cut its holdings of US Treasurys backtracked Friday after the speculation helped push the euro to a new all-time peak.
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CHARLOTTE, NC - Bank of America said Thursday it will cut about 4,500 jobs beginning this month as a result of its merger with FleetBoston Financial Corp.
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Bank of America Corp. said it has folded Quick &amp; Reilly, the brokerage arm of FleetBoston Financial Corp. , into its own brokerage. The bank is in the process of changing the Quick &amp; Reilly signs to the new name, Banc of America Investment Services Inc., and it already has changed the design of Quick &amp; Reilly's website. A spokesman ...
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UBS , the biggest European  casualty of the U.S. subprime crisis, said it was shrinking its  investment banking business, cutting staff and drastically  scaling down its exposure to risky investments.
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Morgan Stanley downgraded the airline to
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Wall Street retreated after Bank of America missed analystsâ earnings expectations and provided further evidence of how the credit crisis has hurt the economy.
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Bank of America Corp , the second-largest U.S. bank, on Thursday said third-quarter profit fell 32 percent, a steeper decline than expected, hurt by mounting credit losses and the impact of volatile markets on its investment banking unit.