Banking

BofA said poised to cut 150 jobs in trading, investment banking

Charlotte-based Bank of America plans to dismiss about 150 trading and investment-banking employees next week, according to people with knowledge of the matter.
Charlotte-based Bank of America plans to dismiss about 150 trading and investment-banking employees next week, according to people with knowledge of the matter. Bloomberg

Charlotte-based Bank of America plans to dismiss about 150 trading and investment-banking employees next week, according to people with knowledge of the matter.

The dismissals stem from Chief Operating Officer Thomas Montag’s push to reduce expenses and are part of the firm’s periodic cull of low performers, the people said, asking not to be identified discussing personnel matters. The bank plans to notify affected workers March 8, the people said.

John Yiannacopoulos, a bank spokesman, declined to comment. It’s unclear where the cuts are taking place, but New York is the hub for the bank’s trading and investment banking businesses.

Bank of America CEO Brian Moynihan has cut thousands of jobs in recent years in a drive to reduce costs, and he has said more cuts are expected in 2016. The Observer reported last month that the bank is eliminating a “small number” of marketing and communications jobs in Charlotte and elsewhere. Observer archives contributed

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