BofA to cut at least 40,000 jobs

The L.A. Times reports on California:

Bank of America has 45,000 employees in the state, about 1 in 6 of its nearly 300,000-person workforce, and is expected to roll out the job cuts over the next several years. The company, which for years was based in San Francisco and maintains its huge mortgage unit in Calabasas, also is in the process of closing 10% of its branches nationwide.

California has the highest concentration of BofA branches in the U.S. with 956 throughout the state