Bank of America said to wield job axe

Axe In Wood

Trading and banking divisions.

Bank of America is cutting dozens of jobs across the firm’s trading and banking divisions after CEO Brian Moynihan pledged to trim expenses amid a decline in trading revenue, according to two people with knowledge of the plans.

Bloomberg News reports that senior employees being cut Tuesday include Alison Ferreira, a managing director and former co-head of New York equity sales, and Frank Laino, a managing director overseeing the Internet, health-care and small-cap trading teams, according to the people, who asked not to be identified speaking about personnel matters.

Wall Street firms have been cutting jobs amid a multi-year slowdown in trading revenue. Moynihan, 55, said this month that third-quarter revenue from that business declined about 5% as sluggish fixed-income markets dragged down results. 

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BofA Said to Cut Dozens of Traders, Bankers as Revenue Drops

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