Bank of America Cuts 150 Junior Investment Banking Roles
The layoffs follow earlier reductions across the company and come as Wall Street faces a slowdown in dealmaking activity.
- Bank of America has eliminated 150 junior investment banking positions, including analysts and associates, according to multiple sources.
- Most affected employees have been offered alternative roles within the company, though some have chosen to leave instead.
- The cuts are part of a broader trend, with the bank recently reducing 1% of its investment banking and global markets workforce after performance reviews.
- Goldman Sachs also plans to reduce its workforce by 3% to 5% this spring, impacting over 1,300 employees globally.
- The reductions come as U.S. mergers and acquisitions activity has slowed significantly, with the lowest deal volume for the start of a year since 2009.
