Bank of America has revealed it will cut jobs in its investment banking division.
The move comes as part of the bank’s broader cost-cutting efforts as it aims to improve profitability amid challenging market conditions.
The exact number of job cuts remains unknown, but the report suggests they are likely to affect several areas of the investment bank, including sales and trading, corporate finance, and mergers and acquisitions.
Sources told Bloomberg it could be around 200 roles that are affected.
This decision to reduce headcount is not unique to Bank of America, as other financial institutions like Goldman Sachs are also taking similar steps to cut costs and streamline their operations.
BofA declined to comment on the report.