Bank of America is announcing layoffs as part of the bank’s latest cost-cutting efforts, The Wall Street Journal reported Tuesday.
Earlier this month, CEO Brian Moynihan said BofA (NYSE:BAC) would most likely see a 5 percent decrease in third-quarter trading revenue. He added that if revenue doesn’t rebound in trading, he will have to continue cutting costs.
“We have to grow, no excuses,” Moynihan said.
The WSJ reported the layoffs will affect "a couple hundred jobs," according to sources close to the matter.
Read the full story here.
For more business news, visit PBJ.com.
Copyright bizjournal
