Bank of America is cutting an additional 650 jobs in global investment banking and global markets, selling equity prime brokerage and âÂÂresizingâ internationally due to the writedowns in its mortgage-related businesses, just a year after pledging to expand.
At the end of 2006 Bank of Americaâs chief executive Ken Lewis earmarked $400m (â¬297m) to help expand the bankâs capital markets business in Europe and Asia over the next three to four years.
