Bank of AmericaBank of America (BAC) is reportedly laying off as many as 400 people as revenue from trading and advising clients falls.

Bank of America, the country's largest bank by assets, is laying off people ranging from junior analysts to managing directors, Bloomberg News said without naming its sources.

"This sounds like an acceleration of the usual year-end cutbacks among the lowest performers in each business," Richard Lipstein, a consultant at Boyden Global Executive Search in New York, told Bloomberg News.

Banks including Barclays Capital and Credit Suisse Group are reducing their workforce as revenue weakens. Wall Street's five largest banks may produce their lowest revenue from investment banking and trading in almost two years this quarter.

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With the Annual CD interest rates at 1%. You can count me out. If everyone would take a cash payout of their matured CD. Maybe the industry would have a wakeup call that all is not well in the banking industry.

September 21 2010 at 12:47 PM Report abuse rate up rate down Reply

But the recession is over, that's the big headline new today, ended last year 2009. Now tell that to the 400 workers who just got pinked slipped.

September 21 2010 at 12:21 PM Report abuse rate up rate down Reply

greed is alive and well BOA get trap money never paid back profit up top people make million and still lay off people the only way to make this greed bank to go away is every one quit and every one stop paying there bill and over night the bank act like a bank for the people or FED can shut it down!!!!!!!!!!

September 21 2010 at 9:49 AM Report abuse +1 rate up rate down Reply

How many customers left this bank?

September 21 2010 at 7:50 AM Report abuse rate up rate down Reply