Layoffs Watch '16: Bank Of America Is Putting Senior Staff Out To Pasture

The House of Moynihan is reportedly having some awkward conversations in the conference room today.
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Brian Moynihan/Getty Images

Brian Moynihan/Getty Images

If you're tapped on the shoulder and asked "got a minute?", consider just packing up your stuff then and there so as to avoid the awkward walk back from the conference room, "what was that about/I don't work here anymore" conversation with colleagues.

Bank of America plans to eliminate about a dozen senior positions at its corporate and investment-banking operations in Asia, the second time the U.S. firm is cutting jobs in the region this year, according to people with knowledge of the matter...The reductions by Charlotte, North Carolina-based Bank of America will involve managing directors and directors and will be spread across the region, one of the people said, asking not to be identified discussing confidential information. The cuts could start as early as Wednesday, another person said.

Wall Street Shrinks Further in Asia With Goldman, BofA Cuts [Bloomberg]

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Layoffs Watch '12: Bank Of America Australia

The House of Moynihan has said goodbye to a bunch of employees down under. Bank of America Merrill Lynch has begun a new round of job cuts in Australia, a person familiar with the matter told Deal Journal Australia, becoming the latest investment bank to cut costs amid light deal flow and sluggish equity markets due to the stuttering global economic recovery. Fewer than 10 staff from the bank’s equities sales and trading division have been let go, the person said, without elaborating further. Bank of America Merrill Lynch Cuts Staff in Australia [Deal Journal]

Layoffs Watch '12: Bank Of America

On the one hand, Brian Moynihan et al plan to cut staff next month, which hurts. On the other, they've been firing off warning signals that employees may want to explore their options elsewhere, so that's nice. "Ahead of expected cuts at the House of Moynihan in the Apr-May timeframe, a lot of juniors are being pulled into conference rooms and told it might be in their interest to "reach out and have a chat" with other groups. Reshuffling and reallocation are well underway. No rhyme or reason as far as we can tell regarding why some analysts and associates are being nudged and others aren't (some top bucketed guys got nudged, and some bottom feeders got nudged as well)."