Banking

Report: BofA cutting trading, investment banking jobs

Bank of America is cutting jobs in its global trading and investment banking divisions, Bloomberg reported Wednesday, citing people with direct knowledge of the matter.

The Charlotte-based bank declined to comment on the Bloomberg story. According to the report, one of the people, who asked to remain anonymous, said the dismissals will affect less than 5 percent of the employees in the units.

Bank of America has global trading and investment banking employees in Charlotte, although the majority of its employees in those divisions are in New York. The divisions fall under co-Chief Operating Officer Thomas Montag, who is also based in New York.

Montag is head of the bank's businesses that serve companies and institutional investors, including middle-market commercial and large corporate clients.

Montag was awarded $15.5 million in total compensation for his performance in 2013, according to a securities filing this month. That was up from $14.5 million the year before. It's also higher than CEO Brian Moynihan's $14 million in overall compensation for his performance in 2013.

The job cuts come as the bank has been slashing employees as it seeks to trim expenses under its Project New BAC initiative. At the end of last year, the bank had approximately 242,000 full-time equivalent employees, down nearly 10 percent from the year before, according to securities filings.

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