Bank of America’s trading losses will amount to around $9.1 billion this quarter. Sadly this had to happen:
Bank of America cut 60 people in sales and trading recently, as layoffs hit across practically all Wall Street firms.
The firm sought to trim its “least-productive employees” globally… The equities division employs about 2,500 people globally.
With the bank’s recent announcement that it will settle with BlackRock, the Federal Bank of New York, and others who sued over investments made in bad mortgages, you have to think there are going to be more than 60 people laid off. The settlement cost $8.5 billion and it will lead to trading losses this quarter of $9.1 billion.
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