“You’re definitely going to see decreased service levels for consumers. They’re talking about either closing branches or reducing the head count in the branches.”-Christopher Whalen, Institutional Risk Analytics.

The largest bank in the United States will make it official, they will layoff 40,000 or more employees, over the next couple of years.  The official announcement is expected to take place on September 12.

Bank of America is struggling with the slow U.S. economy, and major lawsuits, including a lawsuit by the Federal government, relating to dodgy mortgage-backed securities issued by its subsidiaries, Countrywide Financial and Merrill Lynch.

B of A claims it lost $9 billion during the second quarter of this year, and is selling half of its stock in the China Construction Bank to raise about $8.3 billion in cash.