Bank Of America Just Fired 5% Of Its Industrials Group

BofA layoffs

More cuts at BofA.

Says Bloomberg: The bank just fired 13 investment bankers from its industrial group. Those cuts are not actually part of its New BAC project, and they amount to 5% of the group.

We wonder how much this is about cost-cutting at BofA, and how much of this is a reflection on the prospects for the industrials banking business. Bad sign either way.

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