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With their market value down more than 53% since the start of 2011, Bank of America continues to focus on cutting expenses under CEO Moynihan’s plan, “Project New BAC,” which aims to cut $5 billion in annual costs by the end of 2013.

So, the Oct. 13 announcement that 324 jobs in New York would be eliminated starting Nov 30 should not be too surprising given the management shakeup last month.

Those affected in New York include investment bankers, equity traders, capital-markets workers and technology and operations personnel. Read further details at Financial Advisor Magazine.