Bank of America plans to cut jobs at its investment bank, Bloomberg News reported Thursday, adding the lender to a growing list of Wall Street firms that have cut staff in recent months.
The number of cuts, which is still being discussed, could affect fewer than 200 employees worldwide, the report added, citing people familiar with the matter.
BofA declined to comment on the report.
Following record activity in 2021, M&A volumes and IPOs fell on Wall Street last year due to capital market volatility, geopolitical tensions and risk-off sentiment.
world banks like Goldman Sachs y Morgan Stanley They are cutting thousands of jobs as profits at lucrative investment banking units come under pressure, according to a Reuters tally.
Other financial firms have also cut jobs in recent months, including major asset managers and fintech firms, amid a turbulent macroeconomic environment that has put pressure on consumers and soured demand in several key business units.
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