The Lookout

Bank of America to lay off thousands–and struck by lightning

Zachary Roth
The Lookout

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Brian Moynihan, President and CEO of Bank of America: AP Photo/Gerry Broome

Thousands more people are set to be thrown out of work by one of the banks that played a key role in the mortgage mess.

Bank of America is going to shed 3,500 jobs, the Wall Street Journal reports. And as part of a broader restructuring, it could cut another 10,000 or more--around 3.5 percent of the bank's total workforce.

The Charlotte, N.C., bank's profits have been hit by the weak economy, as well as a string of lawsuits and losses related to its investment in the sub-prime mortgages that triggered the financial crisis.

As if in response to the news, last night the Bank of America tower in New York City was hit by lightning.

The Lord works in mysterious ways.

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