More bad news posted in the marketplace today and taking the brunt of the
negativity was Bank of America. BAC announced plans to save up to 5 billion
dollars. A majority of this savings plan includes a workforce reduction of
approximately 30,000 jobs. This news, paired with the ongoing debt crisis in
Europe, pushed negatively on the primary stock indices in the U.S. today.
Ultimately, the Dow Jones index was trending red as the final market session
close approached. The DJIA was lower by just over 25 points at 10,965. The
Greece debt crisis intensified and debt default is more of a possibility.
Individual stocks felt the pressure. BAC stock continued its decent. Over the
past two months, negative action is easily observed on the BAC stock trend line
and today was another negative notch in the belt. As BofA tries to place some
positive spin on the recent disclosures, the company reports that a vast
majority of the company reductions will stem from the elimination of unfilled
positions. BofA Chief Executive office, Brian Moynihan, announced the news
earlier today. This post was just another installment of an overarching plan to
reinvigorate BofA. The plan is termed Project New Bac. So far the plan is only
pushing share values lower. As the close finalized, BAC stock was negative by
1.22 percent at 6.90. Last close for Bank of America stock was 6.98 according to
google finance stock quote. Frank Matto
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