A cut is likely to be higher than the 5% cent who are typically axed each year at the investment bank.
The Financial Times reports that traders and bankers at Bank of America are in for an unsettling few weeks as their employer eyes a higher-than-usual number of job cuts at its capital markets and investment banking operations.
The US bank is set to become the latest on Wall Street to show people the door after several of its rivals set out plans to cut thousands of positions at financial centres worldwide.
The number of employees to go at Bank of America could not be determined last week, but people familiar with the matter said it was likely to be higher than the 5% cent who are typically axed each year in investment banking.
More than 10,000 jobs went across all the bank’s divisions last year, reducing the total headcount to about 213,000 at the end of the year. Bank of America does not disclose how many people work at its global banking and global markets business.
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Bank of America prepares to make investment banking job cuts