Bank of America Corp. said it is cutting 3,500 jobs, on top of thousands of job cuts it has already made this year, CNNMoney reported today.
 

Bank of America spokesman Scott Silvestri said the job cuts will be spread throughout the company and will occur in the third quarter. The bank is based in Charlotte, N.C., but the cuts will be made internationally, he said.
 

The company has already eliminated 2,500 positions this year, but still had 287,000 employees as of June 30.

Richard Bove, an analyst with Rochdale Securities LLC, said Bank of America is reducing its work force and selling off parts of its business — including credit card and life insurance portfolios — to bring itself in line with international banking rules.
“It’s more than getting rid of people; it’s getting rid of businesses,” he said.

Earlier this month, Bank of America’s stock plunged on news that it was being sued by American International Group Inc. for billions of dollars over alleged mortgage securities fraud.

Bank of America shares are down more than 47 percent so far this year amid concerns about the way it is dealing with the aftermath of the mortgage crisis. Shares of Bank of America fell more than 6 percent in premarket trading this morning.