Executives also are drafting initial lists of people they could terminate if needed.
Bloomberg News reports that COO Thomas Montag, 59, is increasing pressure on deputies to lower expenses across his trading and investment banking world, according to people with knowledge of the initiative.
While managers have latitude on how to trim the equivalent of a few percentage points off their budgets, the effort probably will lead to job cuts in March, said the people, who asked not to be identified discussing personnel matters.
CEO Brian Moynihan has said he will eliminate jobs this year as the industry is squeezed by sluggish trading, low interest rates and rising loan losses.
Business heads are scouring for ways to reduce costs, pushing to negotiate lower vendor transaction fees, and cutting travel and entertainment budgets, the people said. Executives also are drafting initial lists of people they could terminate if needed.
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