BankAmerica Corp. announced a broad restructuring on Thursday, laying out plans to slice 3,700 jobs worldwide and shut 120 branches in California next year.

The moves - the most significant since David Coulter became chief executive at the start of the year - were largely applauded by analysts. While the cuts will reduce fourth-quarter net income by $165 million after taxes, the bank said it expects to recover the charge through cost savings by the end of 1998.

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