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Bank of America will eliminate about 30,000 jobs over the next few years in a bid to save $5 billion per year.

Bank of America stock (BAC) was up 2 cents at $7 at midday. The stock has lost half its value this year, largely over problems related to poorly-written mortgages it acquired with its 2008 purchase of Countrywide Financial. The bank faces lawsuits from investors and regulators over the sales of mortgage-backed securities that lost value after the housing boom collapsed.

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