Bank of America Corp is planning "a couple of hundred" job cuts at its global banking and markets unit, the Wall Street Journal reported. The bank could announce the layoffs as early as Tuesday.
Nonetheless, since then, equity markets have witnessed a substantial rise in volatility. Like always, an increase in equity trading activities is expected to support BofA’s overall trading revenues.
Over the last four trading days. corp. bac with prudent cost-management efforts and no significant legal expenses supporting its bottom line. This also got reflected in the bank’s chairman as well.
CEO Brian Moynihan said at a conference on Tuesday that it cost his bank up to $500 million of revenue per quarter when it exited the trading activity banned under the Volcker rule. But he said the.
Bank of America’s trading unit tends to focus on credit products and mortgage-backed securities, which have fared poorly this year across the industry. asked earlier this year if the bank needed to change its trading makeup, Mr. Moynihan replied that the current setup created lower risk and would perform better when credit products pick up.
Still, plenty of Merrill investment bankers continued to leave, and Mr. Montag won praise for keeping enough of the division’s sales and trading team intact so that the unit was in a position to.
The layoffs will affect the hard-hit unit that trades fixed income. positions are also on the chopping block. CEO Moynihan noted in his talk with investors that the firm would make further cuts in.
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Bank of America, the second-biggest U.S. lender, will have to reduce expenses further in its markets trading division unless revenue improves, CEO Brian Moynihan said Wednesday.
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BofA’s shares were down about 1.1 percent at $22.56 in mid-day trading, consistent with the broader banking sector and following surprisingly weak trading results from Goldman Sachs Group Inc . JPMorgan and Citigroup also reported better-than-expected quarterly profit last week, driven by strong trading activity.