ALMOST one year to the day since he took the helm at BankAmerica Corp, chief executive Mr David Coulter yesterday announced a major restructuring, including the elimination of 3,700 jobs worldwide.

The United States's third-largest bank said that, as a result of the sweeping restructuring, it would take a pre-tax charge of $280 million (£168.5 million), resulting in a $165 million reduction in fourth-quarter net income.

"We are changing our business mix in both Europe and Japan based on changing markets and we are streamlining our operations activities around the world," said Mr Coulter, who became chief executive officer last January 1st.

"It's ongoing and I expect there'll be more cutbacks," said Mr George Salem, of Gerard Klauer Mattison.

Mr Coulter said he expected almost all of the restructuring would be accomplished in 1997, and that the charge will be recovered in cost savings by the end of 1998.

He said BankAmerica would reduce staff and restructure units in mature European markets while expanding activities in emerging European markets.

The job cuts amount to about 5 per cent of BankAmerica's 78,300 employees.