NEW YORK -- Bank of America (BAC) has set a target of cutting 16,000 jobs by the end of 2012 as it accelerates a broad cost-cutting plan, The Wall Street Journal reported.
The job cuts were outlined in a document given to top management, and are part of a larger effort to retool the bank into a leaner and more focused enterprise amid an environment of declining revenue.
The job cuts would bring the bank's work force to a year-end total of 260,000, the lowest count since 2008, and likely give Bank of America a smaller work force than rivals JPMorgan Chase, Citigroup or Wells Fargo, according to the Journal.
Oracle (ORCL) is expected to report its fiscal first-quarter results after Thursday's closing bell and analysts expect the software maker to post a profit of 53 cents a share in the August-ended period on revenue of $8.42 billion. The stock has risen more than 25% in 2012.
Adobe Systems (ADBE), the publishing and design software developer, posted an in-line profit Wednesday for its fiscal third quarter but revenue of $1.081 billion was below the consensus view of $1.103 billion. For its fourth quarter ending in November, Adobe forecast non-GAAP earnings of 53 cents to 58 cents a share, far short of the average analysts' view for a profit of 67 cents a share. Adobe's Revenue Trails Estimates, Hurt by 'Cloud' Model
Nike (NKE) , the sporting goods maker, announced Wednesday an $8 billion, four-year program to buy back shares of its class B common stock.
Bed, Bath & Beyond (BBBY), the home products retailer, missed Wall Street's second-quarter earnings expectations in its report issued Wednesday.
Earnings reports expected Thursday are CarMax (KMX), ConAgra Foods (CAG), Jefferies (JEF) and Rite Aid (RAD).
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
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