Bank of America retrenches, plans to cut 40,000 jobs

Wonder how the Labor Dept. will keep this off the books.

Bank of America is preparing to slash 40,000 or more jobs nationwide, a dramatic retrenchment that reflects the deepening woes of the country’s largest bank and the magnitude of the U.S. economic slowdown.

The layoffs will come mainly from the Bank of America’s sprawling consumer-banking operations. The bank’s workforce numbers nearly 300,000.

The details of the cutbacks were not officially announced, but the information was disclosed by three Bank of America executives who have been briefed on the plan but were not authorized to speak publicly. Brian Moynihan, Bank of America’s beleaguered chief executive, is expected to unveil details at an investor conference Monday in New York.