REPORT: Bank Of America Plans To Axe 2,000 Investment Bankers

bank of america


Bank of America could soon announce a fresh round of layoffs, reports the Wall Street Journal’s Dan Fitzpatrick and Dana Cimilluca.The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation.

In the latest round of cuts, less than 400 will come from investment banking, corporate banking, sales and trading, the people familiar with the matter said. An expected sale of the bank’s non-U.S. wealth-management operations in Asia, Latin America and Europe would eliminate less than 2,000 positions.

The reporters say that these cuts will come on top of the 30,000 planned layoffs the bank had already announced last fall.

Last week, the WSJ reported that layoffs were soon coming to several Wall Street houses.  However, Bank of America wasn’t mentioned on that list, which included Citigroup, Goldman Sachs, JP Morgan, and Morgan Stanley.

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