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Bank Of America To Cut More Than 3,500 Jobs

LOS ANGELES (CBS) — The nation's biggest bank, which was founded here in California more than 100 years ago, is planning to cut 3,500 jobs by the end of the month.

Bank of America has announced plans to cut more than one percent of its workforce.

The move comes on the heels of 2,500 layoffs that were announced earlier this year.

Analysts say the entire banking industry is shrinking because of the fallout from the financial crisis, as well as newly imposed regulations.

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