NEW YORK -- Bank of America BAC has set a target of cutting 16,000 jobs by the end of 2012 as it accelerates a broad cost-cutting plan, The Wall Street Journal reported.The job cuts were outlined in a document given to top management, and are part of a larger effort to retool the bank into a leaner and more focused enterprise amid an environment of declining revenue.The job cuts would bring the bank's work force to a year-end total of 260,000, the lowest count since 2008, and likely give Bank of America a smaller work force than rivals JPMorgan Chase, Citigroup or Wells Fargo, according to the Journal.10 Most Profitable Banks Trading Below Book Value
Oracle ORCL is expected to report its fiscal first-quarter results after Thursday's closing bell and analysts expect the software maker to post a profit of 53 cents a share in the August-ended period on revenue of $8.42 billion. The stock has risen more than 25% in 2012.
Adobe Systems ADBE , the publishing and design software developer, posted an in-line profit Wednesday for its fiscal third quarter but revenue of $1.081 billion was below the consensus view of $1.103 billion. For its fourth quarter ending in November, Adobe forecast non-GAAP earnings of 53 cents to 58 cents a share, far short of the average analysts' view for a profit of 67 cents a share.
Adobe's Revenue Trails Estimates, Hurt by 'Cloud' Model
Nike NKE , the sporting goods maker, announced Wednesday an $8 billion, four-year program to buy back shares of its class B common stock.
Bed, Bath & Beyond BBBY , the home products retailer, missed Wall Street's second-quarter earnings expectations in its report issued Wednesday.
Earnings reports expected Thursday are CarMax KMX , ConAgra Foods CAG , Jefferies JEF and Rite Aid RAD .
-- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
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