Bank of America Dishes More Negativity Onto the U.S. Economy
Bank of America Corp (NYSE:BAC) is likely to cut about 400 jobs in its investment banking, corporate banking, and trading operations, according to a report in the Wall Street Journal.
Another 2,000 heads could roll if the bank is able to sell off its non-U.S. wealth management businesses for its asking price of about $3 billion.
At the end of March, Bank of America had about 278,700 employees globally. Its cost-cutting program — “Project New BAC” — announced last spring is expected to reduce employee numbers by 30,000 in the next few years. Plans for the second phase of this program are expected to be finalized by May, and jobs in investment banking, commercial banking, and support services may be on the chopping block.