Media Reports: Bank of America to Shed 3,500 Jobs

Bank of America will reduce its workforce by 3,500 jobs with the cuts being felt across the company, according to reports in the Wall Street Journal and The New York Times.

Bank of America has not responded to an emailed request for comment on whether Bellevue Bank of America branches will be affected. The positions could be shed by the end of this quarter.

According to the news reports, Merrill Lynch, which also is owned by Bank of America, also will be affected.

Both national media outlets reported that the company is pursuing a restructuring which could result in thousands of more Bank of America jobs being lost in the coming months.

The job losses that will take place in the coming weeks include trading and investment banking positions, the Wall Street Journal reported.

The New York Times cited a memo written by Chief Executive Brian Moynihan as acknowledging that the cuts are difficult but that the bank needs to remain competitive and efficient.

The shocks to the housing market in recent years and Bank of America's acquisition of Countrywide Financial, the subprime lender, three years ago has hurt the company, according to The New York Times. 

Writer's note: Jon Talton, an economic columnist with The Seattle Times, offers his views on the Bank of America news.

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