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
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
