Bank of America intends layoffs in investment bank
Business
Less than 200 bankers worldwide may be impacted by amount of layoffs
NEW YORK (Reuters) - Bank of America intends to eliminate positions in its investment bank, according to a report by Bloomberg News on Thursday. With this move the lender will join a rising number of Wall Street companies that have recently decreased their workforces.
Less than 200 bankers worldwide may be impacted by the amount of layoffs which are still under discussion, the paper stated citing sources with knowledge of the situation. BofA opted not to respond to the report.
After a record year for deal making on Wall Street in 2021 the previous year saw a decline in M&A activity and stock market floatation due to market instability, geopolitical unrest and a risk-off mindset.
According to a Reuters count major international banks like Goldman Sachs and Morgan Stanley are in the process of laying off hundreds of employees as revenues at lucrative investment banking departments are under pressure.
Along with large asset managers and fintechs, a number of other financial institutions have cut staff in recent months amid a tumultuous macroeconomic climate that has put pressure on customers and soured demand in a number of key business segments.
