Source: The Wall Street Journal
Amid the banking industry’s relentless belt-tightening, even Bank of America Corp.’s moneymakers aren’t safe.
The Charlotte, N.C., company is planning about 2,000 staff cuts in its investment banking, commercial banking and non-U.S. wealth-management units, said people familiar with the situation. Those operations were vastly expanded with Bank of America’s 2009 purchase of Merrill Lynch & Co.
The reductions are significant because of whom they target: the high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America’s profit since the financial crisis.
To read this article in its entirety visit The Wall Street Journal.
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