Bank Of America Cuts 20-30 Prop Trading Jobs

sobotdkaDavid Sobotka

Last week, we heard that Bank of America would cut 5% of its Capital Markets staff.Apparently the job slashing will also apply to the bank’s prop trading units – 20-30 prop trading jobs will be eliminated.

Says Bloomberg:

“We continue to explore the best possible ways to comply with the Volcker rule and this is one step in that direction,” said a spokeswoman.

The only person who will be totally safe appears at the moment to be David Sobotka, the head of Bank of America’s prop trading, who will remains in his position, the person briefed on the matter told Bloomberg.

Like at other banks which are cutting prop trading (JPMorgan, Goldman) to comply with new regulations, the traders are encouraged to look for jobs within Bank of America.

With volume on Wall Street light all year, and spreads coming in, there’s been a lot of talk about an inevitable wave of headcount reductions at banks. And so it begins.

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