Bank of America is looking to significantly cut jobs across its global banking and markets business, say sources, with cuts likely to be over 5% of staff; employees could be told of the cuts as soon as March 8th. The bank has been under pressure from regulators in Europe for years to reduce costs by cutting back on risky trading activities that have led to billions of dollars in losses.
Bank of America is looking to significantly cut jobs across its global banking and markets business, say sources, with cuts likely to be over 5% of staff; employees could be told of the cuts as soon as March 8th. This is in line with many Wall Street firms who are also cutting back staff amid one of the worst quarters for investment banking and trading revenues.