Bank of America to cut up to 35,000 jobs over three years
Bank of America plans to cut up to 35,000 jobs over the next three
years as the giant lender adjusts to a recession and completes the
pending acquisition of brokerage firm Merrill Lynch.
MARKET SNAPSHOT: U.S. STOCKS TRADE LOWER AS AUTO BAILOUT UNCERTAINTY WEIGHS
U.S. stocks rebound from early weakness to flirt with positive
territory, with energy stocks rising as crude oil prices surged
another 11% on a weak dollar and expectations of upcoming production
cuts.
FUTURES MOVERS: OIL SOARS 10% ON POSSIBLE OPEC OUTPUT CUT, DOLLAR TUMBLE
The benchmark crude contract extends its rally on rising expectations
that the Organization of Petroleum Exporting Countries will cut
production at its meeting next week. A weak dollar also lends a
helping hand. Energy traders bid reformulated gasoline and heating oil
to big gains as well.
HOUSE AUTO BAILOUT IMPERILED IN SENATE
Senate Republicans and Democrats are at odds with each other over a
$14 billion package of loans for the struggling U.S. auto industry,
making passage of the House-approved package unlikely in the Senate.
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