Bank of America Cuts Staff in Investment Banking and Trading

Bank of America Corp. cut some of its staff in the global banking and markets division this week.

The reductions affected employees in sales and trading, research, investment banking and capital markets, according to two people familiar with the situation who asked not to be identified discussing personnel matters. The moves are part of Wall Street’s typical round of staffing changes around this time of year, after bonuses are distributed, the people said.

The latest cuts mark an end to the bank’s pledge not to eliminate any jobs in 2020 as the global pandemic flared.

A Bank of America spokesman declined to comment.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.