Bank of America to cut 3,500 jobs

Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC), holding company for seven Springfield Bank of America branches, is cutting 3,500 jobs in the third quarter.

Diane Wagner, senior vice president of media relations for the company's central region, said via e-mail that the job cuts are in addition to about 2,500 layoffs already made this year.

"Regarding numbers, we are not able to provide line of business or geographic breakdown," she said.

Jamie Esch, market president for Bank of America in Springfield, could not be reached for comment by deadline.

In its second quarter ended June 30, Bank of America Corp. recorded a net loss of $8.8 billion, or a loss of 90 cents per diluted share, largely due to consumer real estate services, according to a news release.

The company had first-quarter earnings of $2 billion.

As of June 30, the company had 287,839 full-time employees, the release said.

Bank of America Corp. shares were trading at $6.97 as of 10:19 a.m., compared to a 52-week range of $6.31 to $15.31.[[In-content Ad]]