Bank of America prepares to make investment banking job cuts – CNBC

11 months ago Comments Off on Bank of America prepares to make investment banking job cuts – CNBC

More than 10,000 jobs went across all the bank’s divisions last year, reducing the total headcount to about 213,000 at the end of the year. Bank of America does not disclose how many people work at its global banking and global markets business.

Last month, the bank published its biggest annual profit in nearly a decade as it seeks to draw a line under the financial crisis.

However, revenues fell and some analysts are concerned about the bank’s ability to keep up the pace of cost-cutting, which has boosted its financial performance.

Revenue from FICC sales and trading fell 4 per cent last year to $8.7bn, the third successive annual decline.

Bank of America’s shares have dropped by a quarter this year, making it the worst performing bank stock in the S&P 500.

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Bank of America prepares to make investment banking job cuts – CNBC