Bank of America share price moving towards $5

Note: This section contains information in English only.
Source: CNN Money
© Scanpix/AFP

On Tuesday Bank of America's stocks fell more than 3% reaching a new one-year record low at $5.03 which is its lowest share value since March 2009. On yearly basis company has lost 62%. Bank of America was among financials that was downgraded by S&P yesterday. Company's rapidly diminishing value may force it to sell assets. BoA is also planning to fire approximately 30,000 employees in forthcoming 2 years.

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