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Bank of America reduces staff in investment banking and trading - Bloomberg News

FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

(Reuters) - Bank of America Corp cut some of its staff in the global banking and markets division this week, Bloomberg News reported on Thursday.

Employees in sales and trading, research, investment banking and capital markets were affected by the move, the report said, citing two people familiar with the matter. (bit.ly/3dNCO5M)

The staff reduction is part of Wall Street’s typical practice of staffing changes around this time of the year after bonuses are distributed, the report added.

Bank of America declined to comment.

Last year, the bank had said it would not cut any jobs in 2020.

Goldman Sachs and Wells Fargo also announced job cuts last year, after pausing layoffs earlier in the year.

In January, Bloomberg News reported JPMorgan Chase & Co was also planning to cut hundreds of jobs across its consumer division. (bloom.bg/3sr19lR)

Reporting by Niket Nishant in Bengaluru; Editing by Amy Caren Daniel and Shailesh Kuber

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