BofA to Cut 600 Jobs in Investment Unit

Bank of America Corp., the third-largest U.S. bank, said it will eliminate 600 jobs in its corporate and investment banking unit, trimming costs as underwriting and trading slow.

The cuts represent about 7.5% of 8,000 employees in the division and will occur in the next two quarters, said Georgie Shields, a Bank of America spokeswoman.

Since taking over the bank in January, Chief Executive Kenneth Lewis has moved fast to exit unprofitable businesses.

Bank of America has eliminated about 7,000 positions since June of last year. The bank employed about 143,800 at the end of September.

Shares of Bank of America rose $1.04 cents to $59.95 in trading on the New York Stock Exchange.