Bank of America Cuts 3,000 Banking Jobs

It’s light out at 9 West 57th and elsewhere around the country as the long rumored job cuts hit Wall Street hard.  It might be funny when back office mortgage clerks are laid off, but this is no joke:

Bank of America Corp. is poised to launch a major shakeup of its investment bank, including layoffs and the forced ouster of the head of its Global Corporate and Investment Banking unit, according to people familiar with the plan. WSJ

The jobs will be cut after the bank performs a strategic review of the investment banking unit. The 48-year old head of the bank’s Global Wealth and Investment Management unit, Brian Moynihan, will succeed Gene Taylor, a 38-year veteran of the bank, as head of the operation.  The head of the bank’s Columbia fund unit, Keith Banks, will in turn replace Moynihan as the groveling for survival within the commences. While the bank will not be completely retreating from the business, it will refocus on commercial lending, treasury management, debt issuance and other lines that cater to large commercial customers.

The 3,000 cuts will be taken from the 20,000 strong workforce and will include commercial banking and treasury, as well as capital markets and investment banking.

Bank of America Is Set To Shake Up Investment Bank
WSJ

Comments:

<< Back to main