Pasadena, CA -- (SBWIRE) -- 08/25/2011 -- A number of major US banks have cut jobs in recent weeks and the extent to which, financial sector layoff is expected to rise by fall.

Not just this, but Bank of America is bearing the pain of struggling under the weight of bad mortgage assets. This is one of the major reasons, of the various factors, to cut 3,500 jobs, after 2,500 reductions year to date. Perhaps up to a total of 10,000 are being planned to be laid off, as the bank seeks to cut costs and rationalize operations to get rid of the burden of distressed mortgage assets on its balance sheet.

Credit Suisse is not alone in its layoff campaign. Goldman Sachs Group Inc., Bank of New York Mellon Corp., State Street Corp., and other financial institutions also have plans to axe thousands of workers in recent months. HSBC has already axed about 5,000 employees, with 25,000 more set to get pink slips by the end of 2012

According to the Federal Deposit Insurance Corp's report, US banks provide work for about 2.09 million people, down from 2.21 million in early 2008.

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