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Bank To Layoff 900

Bank of America is cutting 900 jobs just before the holidays and more layoffs are expected next year. A memo released yesterday told employees that 500 workers would be laid off this week and the rest would go next month. The memo cited a bleak business outlook for next year as the reason for the layoffs.

Of the 900 information technology jobs cut, 232 are in the Bay Area. The bank has a work force of more than 134,000 employees, including 14,000 in the Bay Area.