Layoffs Watch '10: BofA Merrill Lynch


According to Charlie Gasparino, those losing their jobs are miffed about getting cut prior to bonus season, if you can believe that.

Bank of America appears to be the first major financial firm to start cutting jobs as a growing number of analysts predict a Wall Street profit slowdown will pick up steam for the rest of the year, FOX Business has learned. The cuts are expected to be announced this week and will impact trading desks, which have been hardest hit by the recent profit squeeze among the big banks. People inside Bank of America are grousing that Montag is cutting staff now so as to deprive the unlucky employees year-end bonuses. The spokesman refused to comment on the bonus issue.

Bank of America Cutting Staff In Cap Markets Group [FBN]