Bank of America is just one of the major banks around the nation that slashed staff amid the continuing credit crunch and downturn in consumer spending. Citigroup has also declared that it might lay off about one percent of its staff throughout the world. That means around 3,000 individuals could find themselves out of work. Layoffs continue to be announced in banks locally and abroad. I read this here: Citigroup could lay off thousands in continued industry turmoil.