Bank of America Corp. is eliminating 20 to 30 proprietary trading jobs to comply with Volcker Rule limits on banks' trading their own capital, according to a person briefed on the decision.
The cuts, of fewer than one-third of B of A's proprietary trading jobs, come after a decision this week to stop trading some liquid instruments, said the person, who declined to elaborate. Some affected employees are being encouraged to seek jobs within the bank, the person said, speaking anonymously because the matter is not public. The posts are in New York and outside the U.S.
"We continue to explore the best possible ways to comply with the Volcker Rule, and this is one step in that direction," said Jessica Oppenheim, a spokeswoman at the Charlotte banking company.
Bank of America follows such competitors as Goldman Sachs Group Inc. and JPMorgan Chase & Co. in acting to comply with the Dodd-Frank financial overhaul legislation enacted in July.