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.
“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.
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