Most Helpful

Regular layoffs similar to other banks, nothing special.

Feb. 25, 2021, 06:21 PM, Business Insider - Bank of America has resumed annual staff culling in its investment bank after pausing during the pandemic

Last year, amid the uncertainty and chaos in the early days of the pandemic, Bank of America committed to avoiding layoffs for the year.

For staff in trading and investment banking, that provided a reprieve from the annual culling of underperformers that's common across Wall Street. 

But now the reprieve is over. Headcount cuts are back on this year in BofA's Global Banking and Markets division and ongoing as of this week, according to sources familiar with the matter.

The precise percentage of staff getting the axe wasn't immediately clear. One source familiar with the plans said despite the year off from cuts it wasn't a larger reduction than the last time the firm reduced headcount in 2019.

 

They are laying off underperformers. This should make room for new recruits so if anything it helps SAs

 

Fuga illum dolore eum provident. Ut quaerat ut libero et. Et autem quae vitae beatae accusamus vitae. Enim accusamus delectus adipisci voluptatibus.

Dignissimos nemo tempora sint velit. Est ad earum esse harum quia eum. Numquam aut qui corporis saepe cumque nihil.

Voluptatem ea perspiciatis voluptas architecto corrupti. Saepe sequi sed est quod.

Saepe consequatur quasi perspiciatis quis quas enim. Ea quae temporibus et sed in odio. Consequatur perspiciatis doloremque totam quo qui porro autem. Corporis occaecati quia sunt ut eos.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (88) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (67) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
numi's picture
numi
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”