Bank of America is reportedly planning to slash jobs across its global trading and investment banking divisions, headed by co-COO Thomas Montag.
The job cuts will affect less than 5% of employees in both the units, according to a Bloomberg report.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The move has also resulted in some staff members to voluntarily leave the firm.
As part of the move, the bank’s head of US investment-grade industrials trading Thomas Skove has also been asked to quit, according to the news agency.
The report added fixed-income employees including Roger Platt, Jonathan Taylor and Keith Tamayo were also involved in the job cuts.
Meantime, the bank has recently appointed Jon Klein from Credit Suisse Group as a managing director in investment-grade trading.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
