Headlines Thursday were full of news that Bank of America will cut 16,000 jobs by the end of the year. But the headlines can be misleading.
These layoff reports give the impression that every few months there's another major bloodletting at Bank of America. In fact, this latest 16,000 number - and others we've heard in recent months - are all part of the same job cuts announcement Bank of America made last September - 30,000 jobs it said it would cut.
At that time, Bank of America CEO Brian Moynihan described a plan to get the bloated bank back to its fighting weight.