Kiss of Death: While Obama Speaks, Bank of America Cuts 30K Jobs

The hapless Barack Obama just finished with a regurgitated speech on his so-called jobs bill. He said "pass this bill" about a dozen times then stalked off without answering any questions. Meanwhile, as he was speaking, we learned another 30,000 American jobs won't be saved or created.

Is this guy the kiss of death or what?

Bank of America plans to cut 30,000 jobs as it re-focuses its business on international and corporate lending, it said in a company statement.

There's been word that the jobs will be cut in the U.S., but there is not confirmation of that today. The announcement simply refers to "layoffs," with no mention of whether it's globally or not.

However Moynihan said that layoffs would affect those areas under review in Phase 1 of Project New BAC.

That means these units are getting chopped: the consumer and small business banking, credit card, home loans, global tech and operations, and support areas.

The layoff plans were anticipated last week, as people familiar with BofA said it would cut from 30,000 to over 40,000 employees.