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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