Bank of America cuts 3,000 jobs

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Bank of America has said it is to cut about 3,000 jobs as it restructures its loss-hit investment bank division.

The move by the second-largest bank in the US follows a 93% fall in income at the business, which it blamed on turmoil in the financial markets.

This led to worse-than-expected overall profits of $3.7bn (£1.8bn) in the three months to the end of September, from $5.42bn a year earlier.

The bank said that the job cuts would be spread across the US.

"The vast majority of our company is performing quite well and we continue to invest in a number of those businesses to support future growth," said bank chairman and chief executive Kenneth Lewis.

"However, we recognise that there are areas where we need to improve and are moving decisively toward that goal."