March 21, 2012 / 10:13 PM / 7 years ago

BofA cuts cap markets, research jobs: sources

A sign for a Bank of America office is pictured in Burbank, California August 19, 2011. REUTERS/Fred Prouser

(Reuters) - Bank of America Corp (BAC.N) has eliminated jobs in its equities, mortgage-backed securities and research divisions in recent weeks, two sources familiar with the situation said on Wednesday.

The second-largest U.S. bank by assets has been paring staff in investment banking and capital markets since last summer as business dwindled during the European debt crisis. The latest cuts are part of a regular review of the company’s global banking and markets unit, one of the sources said.

The sources would not say how many jobs have been cut.

The departing bankers include John McNiff, a managing director who had previously served as co-head of commercial mortgage securities trading. The bank also cut staff in Toronto as it moved Canadian economics coverage to New York, a source told Reuters on Tuesday.

Three energy sector analysts - Steve Milunovich, Peter Christiansen and Gilbert Yang - also lost jobs in the restructuring, one of the two sources familiar with the situation said. Other Bank of America Merrill Lynch analysts will pick up their coverage areas, the source said.

Bank of America is in the midst of a companywide efficiency program that is expected to eliminate 30,000 jobs in consumer and staff functions over the next few years. The bank has said it expects to finalize additional cost-cutting plans for its capital markets, wealth management and commercial banking businesses next month.

Bank of America Chief Executive Officer Brian Moynihan is seeking to cut costs as low interest rates and new regulations crimp revenues. The bank reports first-quarter earnings on April 19.

The bank became a major capital markets and investment banking player in 2009 when it bought Merrill Lynch & Co.

Reporting By Rick Rothacker in Charlotte, N.C.; Additional reporting by Andrea Hopkins in Toronto; Editing by Richard Chang

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below