Bank of America Corp. said Tuesday that it will shed about half of its employees in Italy and Spain as it centralizes its debt-trading business in Europe.

Also affected will be the bank's foreign exchange and derivatives teams in Milan and Madrid, where a combined 160 employees are based. Bank of America will consolidate much of those operations in London, according to John Keane, a spokesman.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.