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Bank Of America cuts 3,000 jobs after poor third quarter

CHARLOTTE (AP) -- Bank of America is the latest bank to cut jobs because of poor results brought on by problems in global credit markets. The nation's second-largest bank says it's cutting 3,000 positions in its investment banking unit. That comes a day after Charlotte banking rival Wachovia started eliminating several hundred positions for the same reasons. Bank of America's announcement came less than a week after it reported a 32 percent drop in third-quarter earnings. the bank says trading losses and write-downs on a wide variety of loans offset solid revenue growth in most businesses. The cuts will affect less than 2 percent of the company's staff. Most of them will be from Bank of America's Global Corporate and Investment Banking unit. The bank says it will start notifying employees Monday. (Copyright 2007 by The Associated Press. All Rights Reserved.)

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