DEBT FINANCING. BofA discussing about 40,000 job cuts: report

BANGALORE (Reuters)-employees of Bank of America Corp. discussed cutting approximately 40,000 jobs during the first wave of a restructuring, said the Wall Street Journal, citing people familiar with the plans.
The number of job cuts is not final and could change. The restructuring aims to reduce the Bank's work force of 280,000 during a period of years, told the newspaper.
BofA could not immediately be reached for comment by Reuters outside us regular office hours.
The newspaper said BofA executives met Thursday in Charlotte, North Carolina, where the Bank is headquartered, and will meet again Friday to make final decisions on reductions, putting the finishing touches on five months of work.
Investors are pressuring BofA to improve its performance after he lost money in four of the last six quarters and its stock has dropped by half this year.
The newspaper said that the cuts proposed may exceed the last big cut of BofA in 2008 when called for cuts of 30,000 to 35,000 jobs over three years. This movement was caused by an economic slowdown and the planned acquisition of Merrill Lynch & Co.
Earlier this month, the Charlotte Observer reported that BofA executives were discussing plans to launch potentially 25,000 to 30,000 jobs in the coming years.
BofA had previously planned to cut 3,500 jobs, its Chief Executive Brian Moynihan had said in a memo to staff on 18 August, while he tries to come to grips with $ 1 trillion dollars of mortgages of the problem.
Bank of America announced a profound reorganisation of its senior management team on Tuesday, which included the departure of the consumer Bank Chief Joe price and wealth management head Sallie Krawcheck.
Banks are shedding jobs throughout the world as more stringent standards and a tough second quarter income trading to take its toll on investment banking units in particular.
More than 70,000 staff cuts were announced this year or are declared as the works of European and US banks, some of them will be lost over three or four year programs.
(Reports by Sakthi Prasad in Bangalore; Editing by Anshuman Daga)

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