Bank of America is preparing big layoffs in investment banking and trading

[onebyone]

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(REUTERS/Shannon Stapleton)


Bank of America is preparing for significant job cuts across its global banking and markets business, according to people with knowledge of the matter.

Senior executives in the division were tasked with identifying potential job cuts a few weeks ago, and this week were asked to increase their size, according to people familiar with the situation.

The cuts are likely to be over 5% of staff, the people said. Some business lines will face deeper cuts than others, and the details haven't been finalized.

Employees could be told of the cuts as soon as March 8, one of the people said, which is weeks sooner than managers were initially expecting. The people didn't know the reasons the cuts had been pushed forward.

A spokesman for Bank of America declined to comment.

BofA is joining firms across Wall Street in paring back staff amid one of the worst quarters for investment-banking and trading revenues. Business Insider reported on Monday that Deutsche Bank was cutting 75 staff in fixed income, while Morgan Stanley and Barclays have also recently cut staff.

Daniel Pinto, CEO of JPMorgan's corporate and investment bank, said on Tuesday that the firm's investment-banking revenues are forecast to be down 25% in the first quarter. Markets revenues are down 20% year-on-year, Pinto said, speaking at JPMorgan's Investor Day conference.

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Bank of America is preparing big layoffs in investment banking and trading - Yahoo Finance

 

[Viper0011.]

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(REUTERS/Shannon Stapleton)


Bank of America is preparing for significant job cuts across its global banking and markets business, according to people with knowledge of the matter.

You don't have a background in Economy and related matters do you? Every large organization goes through "restructuring" every few years. Sprint PCS as one example (second of third largest mobile phone company in the US), has been laying off 6000 people every other year and later, hiring more back. Whether its a good economic season or bad. The idea is to determine the most productive employees and the ones that don't do their job well, you let them go. This restructuring allows for that, without getting into legal issues. Similarly, BAC (Bank of America), has been going through similar issues. It rivals with JPM (JP Morgan) and Citi bank, but its stock is 300-500 % less than its competitors. So restructuring has to take place for it to become more efficient in doing business and climb up to where it needs to be. I've studied this institute like people study their children .

My forecast, within the next 18 months, you'll BAC's stock going from $ 11.95 (day before yesterday), to going around or over $ 18-22 dollars easy. Thanks for the restructuring. Plus there is an economic down turn due to oil prices and the slow down of the Chinese economy. Which puts hundreds of billions at risk that JPM, BAC and others have invested in China. So this restructuring has multiple aspects to it, control and manage risk, have better and efficient labor and have more business growth

 

[Piper]

Commonly know acronym for Bank of America is BofA not BAC. BAC is for Bank of America Corporation

Thanks

You don't have a background in Economy and related matters do you? Every large organization goes through "restructuring" every few years. Sprint PCS as one example (second of third largest mobile phone company in the US), has been laying off 6000 people every other year and later, hiring more back. Whether its a good economic season or bad. The idea is to determine the most productive employees and the ones that don't do their job well, you let them go. This restructuring allows for that, without getting into legal issues. Similarly, BAC (Bank of America), has been going through similar issues. It rivals with JPM (JP Morgan) and Citi bank, but its stock is 300-500 % less than its competitors. So restructuring has to take place for it to become more efficient in doing business and climb up to where it needs to be. I've studied this institute like people study their children .

My forecast, within the next 18 months, you'll BAC's stock going from $ 11.95 (day before yesterday), to going around or over $ 18-22 dollars easy. Thanks for the restructuring. Plus there is an economic down turn due to oil prices and the slow down of the Chinese economy. Which puts hundreds of billions at risk that JPM, BAC and others have invested in China. So this restructuring has multiple aspects to it, control and manage risk, have better and efficient labor and have more business growth

 

[Viper0011.]

Commonly know acronym for Bank of America is BofA not BAC. BAC is for Bank of America Corporation
Thanks

WOW.....you sho smart!!!!! My post uses these companies stock symbols if you cared to google anything . And I've been dealing with BOFA (BAC) (as they are a client of mine and I invest into this majorly), since you were probably learning English literature and communication in school.

BAC, Bank of America Corporation - NYSE
12.70 0.38 (+3.08%)
12.32

52 Wk. Range 10.99 - 18.48 Open 12.49 P/E Ratio 9.69 Day's Range 12.24 - 12.95 Market Cap 131.83B
As of Feb 26th, 4:01 PM EST - U.S Markets Closed.

 

[topgun047]

Really ?
My friend works there..did BE from Thapa university