Reducing expenses and culling low performers.
Bank of America plans to dismiss about 150 trading and investment-banking employees this week, according to people with knowledge of the matter.
Bloomberg News reports that the dismissals stem from Chief Operating Officer Thomas Montag’s push to reduce expenses and are part of the firm’s periodic cull of low performers, the people said, asking not to be identified discussing personnel matters. The company plans to notify affected workers March 8, the people said.
In the meantime, Bloomberg also reports that Goldman Sachs will eliminate more than 5% of traders and salespeople in its fixed-income business, cutting those operations more deeply than the annual companywide sweep normally used to make way for new hires, a person briefed on the matter said Thursday.