Bank of America says it will eliminate 30,000 jobs over the next few years. Officials say the cuts could save the bank as much as $5 billion. The Charlotte-based bank is trimming costs to deal with mortgage losses, mounting lawsuits and a stock price that has shed half its value in just 12 months.
The 12 members of the congressional supercommittee tasked with cutting at least $1.2 trillion from the deficit meet in Washington, D.C. Tuesday. The bipartisan panel is getting pressure to cut even more. This comes as President Obama is asking Congress to fast-track his jobs bill.
As the economy has faltered over the past several years, the number of bank failures has grown. Nowhere is the problem more pronounced than in Georgia. Since 2008, 70 banks have failed there. That's almost a quarter of all banks in the state.
Markets in Europe began the week lower on concerns Greece could be edging closer to default. Investors continue to show little confidence in European leaders' abilities to overcome the sovereign debt crisis.
Randy Howland, 51, was recently let go from a $10 an hour customer service job he had taken after 17 months of searching for work. Now, his search begins anew. Howland has a master's degree in telecommunications but it hasn't helped him find a job.
Deepening concerns that debt-troubled Greece might default — and increasingly strident comments by several politicians in Germany about that possibility — helped send European markets sharply lower Monday. One German politician said it can't be ruled out that Greece might have to leave the eurozone. French banks — which are heavily exposed to the Greek debt — were particularly hard hit Monday, with some leading banks down more than 10 percent.
President Obama formally sends his $447 billion jobs package to Capitol Hill today. Tell Me More asked listeners to share their suggestions for job growth and received over a thousand responses. Host Michel Martin discusses some of those ideas with NPR's Senior Business Editor Marilyn Geewax and Wall Street Journal Reporter Sudeep Reddy.
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