The move may affect up to 200 bankers worldwide, people privy to the development told the publication.
However, the bank is yet to finalise the total number of redundancies, which shows the firm going back to its practice of shedding workforce before the advent of the Covid-19 pandemic.
The bank could begin the layoff process over the next few weeks, added the unnamed source.
Even though its peers recommenced shedding headcounts post-pandemic, Bank of America had been delaying the practice.
Investment banks in the US have been struggling hard to keep their businesses afloat as subdued takeover deals, along with stock and debt contributions, have negatively impacted their advisement fees.
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Spiralling inflation has also led to an increase in expenditures at these firms.
In the Q4 2022, investment-banking revenue at Bank of America declined 54% to $1.09bn. Dealmaking activities at the bank continued to see a downturn during the same quarter.
Speaking at a financial session hosted by the bank this week, Bank of America CEO Brian Moynihan said that the firm is targeting to reduce its costs and bringing the number of its workforce back to the traditional level.
This would mean taking a U-turn from being the hiring ‘engine’ that was ‘cranking’ during the previous competition for luring talent.
In September last year, Reuters reported that Bank of America was shifting some of its employees in Russia to Dubai as the war in Ukraine continued to extend.