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Bank of America [BAC.N 7.04 0.03 (+0.43%) ] is cutting 3,500 jobs this quarter and working on a restructuring that could eliminate thousands of additional positions, adding to a slew of layoffs by major banks.
Its shares, down more than 23 percent over the past month alone, fell another 2 percent in premarket trading.
Executives at the bank still are discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.
Originally posted by Iamonlyhuman
I say short it to zero.
A $2 Million Bet That Bank Of America Will Be $4 By November
Will BAC be at $4 by November? We don't know. But someone just made a $2 million bet that this is precisely what will happen. Minutes ago, 54k $4 BAC November Puts were purchased at $0.37. The total price: $2 million. Will this event occur? Like we said, we don't know, but it sure looks far more realistic than Paulson's bet that BAC will trade at $30 by the end of the year...