Bank of America plans to lay off about 200 employees in global banking and markets, the Wall Street Journal reported Tuesday.
The story, attributed to people familiar with the matter, said that the $1.6 trillion-asset B of A is cutting costs to cope with the drop-off in trading revenue tied to recent market volatility and to clear its books before bonus season for investment-banking operations.
A B of A spokeswoman declined to comment Tuesday when asked if the report was accurate.
Bank of America's revenue from fixed-income and equity markets is expected to show a year-over-year decline of 5% to 6% in the third quarter, Chief Executive Brian Moynihan said at the Barclays Global Financial Services Conference in New York two weeks ago.
Sales and trading revenue was $3.3 billion in the second quarter - a decrease from $3.4 billion the previous year.
"The bar is down and staying there," Moynihan said at the conference. "The fixed income is down."
Bank of America shares were trading at $15.44, down less than 1%, at midday Tuesday.
As of June 30 the company had 153,000 employees across 5,100 offices, according to the Federal Deposit Insurance Corp.'s website.