One Factor Affecting Bank of America (BAC) Stock Today

NEW YORK (TheStreet) -- Bank of America  (BAC) announced that it would cut 3,000 overseas jobs in Costa Rica, the Philippines and Mexico as part of its ongoing worldwide reviews.

The company expects to shut down locations in those countries within the next nine to 12 months.

Mark Pipitone, a spokesman for the Charlotte, N.C.-based company, told The Associated Press that the cuts would not effect Bank of America Merrill Lynch, its global banking and markets business that serves commercial, corporate and institutional clients in Latin America.

The stock dipped 0.52% to $16.35 at 10:13 a.m. on Wednesday.

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TheStreet Ratings team rates BANK OF AMERICA CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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