Fox News | Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, The Wall Street Journal reported in its Friday edition, citing people familiar with the situation. The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified.

Yahoo News | Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says) Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas. Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

Huffington Post | "Hope is gone. The future is terrifying." Those were the sentiments of D.V. from Modesto, CA, concerning her and her husband's job situation. She was a Case Manager and he was a company representative; both were laid off in 2009. Since then, "My husband and I went from making $150K a year to scraping out (if we're lucky) $24K a year. Don't get me wrong, we are lucky to have even that, but it IS a stark reality to have fallen so far so fast."

CBS News | Tinong Nwachan, for example, has far too much time on his hands. When CBS News met the former truck driver he had been out of work for two years."I don't really tell too many people this but I'm not ashamed or nothing, I'm homeless," Nwachan said. His day job is looking for work at a jobs center in Hollywood. He has plenty of company, including Fabian Lambrecht, who wonders when the economy's improvement will affect them.