BofA expected to cut 200 jobs

Bank of America is cutting about 200 jobs in its trading and investment-banking units around the world, including dozens in the U.S., after CEO Brian Moynihan pledged to trim expenses amid a decline in trading revenue, according to a person familiar with the decision.

Bloomberg News reports that the reductions affect employees in New York, London, Hong Kong and other major trading hubs, the person said, asking not to be identified discussing personnel matters.

'If the revenue environment weakens or the interest-rate structures don’t move up and the economy slows down, we’ll have to take out more costs to keep them in line with our revenues', Moynihan said on September 17.

To access the complete Bloomberg News article hit the link below:

Bank of America Job Cuts to Total About 200 Globally

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