The Bank of America's Slashing Up to 4,000 Jobs

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Bank of America's earnings beat expectations, but the bank also announced yesterday that they're slashing up to 4,000 jobs. Bank deposits gradually started migrating out away from banks into higher yielding products like money market funds. The strongest pointer was consumption, which rose very quickly during the quarter.

Rupert Murdoch’s Fox has agreed to pay $787.5mn to settle a landmark defamation case, Bank of America emerged from banking turmoil with higher first-quarter profits, China’s latest GDP numbers show the economy is rebounding from one of its worst years in decades, and lawmakers and activists from across the political spectrum have come out against efforts in western countries to ban or curb TikTok

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Bank of America plans 4,000 job cuts despite strong results

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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