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Bank of America axed a slew of investing banking jobs on Monday, sources told Reuters.
The company laid off junior bankers, analysts, and associates, some of whom could potentially get roles elsewhere in the company, according to the report.
The cuts weren’t isolated, either. Reuters (TRI-0.70%) said they came a few weeks after Bank of America laid off about 1% of its workforce following performance reviews, including managing directors, directors, and vice presidents.
And Bank of America isn’t alone. Goldman Sachs (GS+0.58%) is also planning to lay off between 3% and 5% of its workforce following performance reviews, Reuters said. If enacted, the cuts will affect around 1,400 members of its 46,500-plus workforce.
“This is part of our normal, annual talent management process,” a Goldman spokesperson said of the changes.
The exact number of roles eliminated at Bank of America (BAC-0.25%) was unclear. Some of those affected worked in New York and others were based elsewhere.
Bank of America did not immediately return a request for comment.