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  • Bank of America Corp. (BAC) to Trim its Work Force

    Citigroup Official Logo
    Tuesday September 21, 2010 at 08:34 am EST
    Bank of America Corp. (BAC) Preparing for Lay-offs
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    Late Monday, FBN’s Charlie Gasparino reported that Bank of America (BAC) will be the first big financial firm to start cutting jobs. It is cutting off the job from its market units and global banking. In spite of the fact that the cuts are said to be moderate in number, around 5 percent and to be only in certain areas of the bank, this step seem to be very significant reported people related to the matter.

    Capital market chief Tom Montag is increasing the size of capital markets staff hiring more traders and bankers throughout the year. Although, there is no real or official hiring freeze, the cut-back in the hiring process has been observed. The announcements related to these job cuts will be made during this week and is predicted to affect trading desk which have been hit the most during the recent profit decrease in the big banks. The fact that the cuts are coming this week was not denied by a BofA spokesman, but he did report that the headcount in the capital market unit of the BofA "continuing to expand,” and that the management as whole is “performing soundly.” Shares of Bank of America Corp. (BAC) shares closed higher at $13.74 on Monday near resistance level of $13.63. The support levels below are at $13.21 and $12.42. Resistance levels for BofA are at - $14,.11, $15.22 and $15.85.

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