Bank of America plans to cut jobs at its investment bank: report

Bank of America is planning to cut jobs in its investment bank, Bloomberg News reported on Thursday, which would add the lender to a growing list of Wall Street firms that have reduced their workforce in recent months.

The number of cuts, which are still being discussed, could affect less than 200 bankers globally, the report added citing people familiar with the matter.

BofA declined to comment on the report.

Dealmakers on Wall Street, following record activity in 2021, saw M&A volumes and stock market floatations tumble last year amid volatility in the capital markets, geopolitical tensions and risk-off sentiment.

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

Several other financial firms have also slashed jobs in recent months, including major asset managers and fintechs, amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.

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