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.
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