The Journal reports that the bank will probably have about 200 fewer employees tonight than it started out with this morning. Management is apparently cleaning house now in part so it doesn't have to pay in part so it doesn't have to pay bonuses later, so while being informed you no longer have a job may sting at first, take comfort in the fact that your (previous) employer was really organized and ahead of schedule about its firings! They may not be on top of a lot, but they're on top of this.
Bank of America Corp. is expected to announce layoffs in its global banking and global markets unit as early as Tuesday, according to people familiar with the matter. The layoffs will likely result in a couple of hundred job losses, according to these people. Investment banks often trim jobs at this time of year to clear the books before bonus season. Since the spring, Bank of America Chief Executive Brian Moynihan has said that if results from the trading business don’t improve, the unit will have to cut expenses further. Bank of America’s second-quarter trading revenue, excluding an accounting adjustment, fell 2%.