Bank of America Cutting 3,500 Jobs By September

Bank of America Corp. BAC is going to cut 3,500 jobs by the end of next month. Despite the cuts, that is virtually nothing, a little more than 1% of the company's roughly 288,000 employees. The Charlotte-based bank announced it would be cutting 2,500 jobs earlier in the year. "The company regularly assesses the efficiency of its businesses and at times is going to make adjustments to meet the opportunities that are in the marketplace," said spokesman Scott Silvestri. At last check, shares of Bank of America were off 5 cents to $6.96.