Bank of America Corp. is cutting jobs today across co-Chief Operating Officer Thomas Montag's global trading and investment banking divisions, according to three people with direct knowledge of the decision.
The dismissals will affect fewer than 5 percent of employees in the units, said one of the people, who requested anonymity because the moves haven't been made public.
Wall Street banks are pruning staff and making selective hires this month in hopes of improving profits. Revenue from trading and investment banking at the nine biggest global firms fell 4 percent to $160 billion in 2013, as weakness in fixed-income outweighed gains in equity trading and fees from advising and underwriting.
Kerrie McHugh, a spokeswoman for Charlotte, North Carolina-based Bank of America, said the company had no comment. The lender is ranked second in the U.S. by assets.