Banking, finance, and taxes
Bank Of America Readies More Job Cuts
Published:
Last Updated:
The Wall Street Journal reported a rumor that Bank of America (NYSE: BAC) will cut as many as 2,000 jobs primarily at its investment bank and commercial units. If this happens it is another sign that Wall St. firms in general have been hurt by a downturn in underwriting, M&A, and business loans. Some estimates say that there are tens of thousand of jobs at risk at the largest investment banks which include Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS).
Bank of America has been particularly troubled by it weak balance sheet and fights with state and federal governments over its mortgage and mortgage financial instrument practices. Last year, B of A said it would cut 30,000 jobs. What were among the banks most profitable units are now struggling as well.
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
