Bank of America Plans to Cut Jobs at Its Investment Bank: Report

As Bloomberg News reported Thursday, Bank of America plans to cut jobs at its investment bank, adding the lender to a growing list of Wall Street firms that have slashed their workforce in recent months.

The number of cuts still being discussed could affect fewer than 200 bankers worldwide, the report said, citing people familiar with the matter.

BofA declined to comment on the report.

Wall Street dealers, after record activity in 2021, saw M&A and stock market offerings drop last year amid capital market volatility, geopolitical tensions and risk aversion.

Global banks including Goldman Sachs and Morgan Stanley are cutting thousands of jobs as profits from lucrative investment banking divisions come under pressure, according to a Reuters tally.

Several other financial firms have also cut jobs in recent months, including large wealth managers and fintechs, amid a volatile macro environment that has put pressure on consumers and dampened demand in several core business units.