Bank of America hits the skids

Subscription only article, but here's the teaser:

Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said.

The twitter telling me that they expect up to 10K jobs to be cut before the bloodbath is over. Won't be good news for my corner of the world. BoA is a big employer in these parts. Meanwhile, David Dayen has the tick tock on the story. He's calling it a death watch.

He runs down their myriad problems. Looks like they're not going to be able to hide the fact they're sitting on a bunch of toxic "assets" and that they're broke for much longer. It appears we're finally going to see the Big Shitpile take down its first big victim that didn't deserve saving in the first place. Been a long wait.

[More posts daily at the Detroit News.]