Bank of America cuts 3000 jobs

Bank of America announced on Wednesday it plans to cut 3,000 jobs just a week after announcing profits dropped 32 percent.

Bank of America, the nation’s second largest bank, announced that the job cuts will affect less than 2 percent of the company’s staff.  According to the company, most of the job cuts will come from its investment banking unit.

Additionally, Gene Taylor, head of Global Corporate and Investment Banking, will retire at the end of the year and be replaced by Brian Moynihan, who ran the Global Wealth and Investment Management business.   Chris Hentemann, head of global structured products, has already left the company.

Read more about Bank of America’s job cuts at Bradenton Herald.