Bank of America prepares to make investment banking job cuts

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

The number of employees to go at Bank of America could not be determined on Friday but people familiar with the matter said it was likely to be higher than the 5 per cent who are typically axed each year in investment banking.

Competitors including Morgan Stanley and Credit Suisse have already laid down plans for cuts as pressures mount on trading businesses — particularly in fixed income, currencies and commodities.

First-quarter FICC revenues are set to drop by an average 15 per cent at Bank of America, Citigroup, JPMorgan and Morgan Stanley, analysts at Goldman Sachs estimated this week.

More than 10,000 jobs went across all the bank's divisions last year, reducing the total headcount to about 213,000 at the end of the year. Bank of America does not disclose how many people work at its global banking and global markets business.


http://www.cnbc.com/2016/02/27/bank-...-job-cuts.html


Click here to view the whole thread at www.sammyboy.com.