Bank of America Plans Job Cuts in Its Investment Bank
- The company had already paused hiring in recent months
- Firms across Wall Street wrestle with investment-banking slump
This article is for subscribers only.
Bank of America Corp. is planning to cut jobs in its investment bank, one of the last major holdouts to bow to expense pressures that have left no one immune.
The number of reductions, which are still being discussed, could affect less than 200 bankers globally, according to people familiar with the matter. Still, the move goes beyond the pause in hiring the firm began earlier this year, and reflects a return to pre-pandemic levels of workforce trimming.