BofA Slashing Jobs

Bank of America (BAC Quote) isn't wasting any time in bouncing back from this month's earnings disappointment.

Just a week after the big Charlotte, N.C., financial institution posted a sharp drop in third-quarter earnings, BofA is cutting 3,000 jobs, mostly at its Global Corporate and Investment Banking unit. The firm is also changing the head of that unit and launching a strategic review of its investment banking business.

CEO Ken Lewis told analysts last week after announcing a 93% profit drop at the unit that "I've had all the fun I can stand in investment banking at the moment."

Lewis also told investors on the bank's earnings call that layoffs were pretty much a given at BofA, which has grown rapidly through acquisitions in recent years. ...