Top firm sheds staff (again)

Axe In Wood

Slashing jobs, cutting costs.

Bloomberg News reports that Bank of America has returned to its five-year-old practice of trimming staff, resuming a trend that had only reversed for a single quarter.

The bank reduced its total employee count in the third quarter by 1,065 - or 0.5 percent - to just under 210,000 people. The firm added jobs earlier this year for the first time in more than 20 quarters.

Bank of America has been slashing jobs since CEO Brian Moynihan announced a cost-cutting push in 2011 to improve profitability. At the time, he said the firm would eliminate about 30,000 positions. But the lender kept whittling, eventually reducing headcount by more than 80,000.

The bank posted the highest net income in six years as Moynihan cut expenses more than forecast and net interest income rose to the highest since 2011.

After disappointing investors in the second quarter with a surprise drop, the bank exceeded expectations in the latest period.

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