Bank of America headcount reduction

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.