Bank of America received more negative attention during the last trading
session. News spread of the extensive job cuts that the bank is planning and BAC
stocks initially sunk lower. BofA share value dropped into negative territory
during the majority of the first trading session in the U.S. yesterday.
According to the report stemming directly from Bank of America, as many as
30,000 job cuts are planned for the company as part of a reorganization plan
termed Project New BAC. Chief CEO, Brian Moynihan, discussed the Banks strategy
at an investor conference on Monday. Although the primary indices rallied to
finish off the last trading session, BAC stock quotes reveals that BofA ended
the session on the same positive note. End of day close for the Dow Jones
Industrial Average was green by over 68 points at 11,061.12. BAC stock finished
off the session higher by 1 percent at 7.05 according to MSN Money stock quotes.
Previous close for Bank of America was 6.98. Just as the primary stock indices
rallied in the final hour of trading yesterday, so too did BAC stock. BAC shares
pushed into the green for the day during the last hour of trading. A positive
boost of confidence gleaned from progress with eurozone debt issues helped to
push big banks higher on the day. Frank Matto
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