Bank of America begins layoffs: reports

(Reuters) - Bank of America Corp began laying off staff in its investment bank and capital markets group, the New York Post said, citing sources.

It was unclear exactly how many employees were being cut, the paper said.

The bank, which has been grappling with slackening business due to the recession, said last month it would shed 30,000 to 35,000 jobs over three years.

Bank of America could not be immediately reached for comment by Reuters.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by David Holmes)