Report: BofA to Cut 2,000 Jobs

Bank of America is planning on cutting 2,000 jobs—including 400 in its investment banking, corporate banking, and sales and trading units—The Wall Street Journal reported on Tuesday. Many of the cuts will come from an expected sale of the bank’s non-U.S. wealth-management operations, in Asia, Latin America, and Europe. The cuts will also target highly paid workers in units expanded when the bank took over Merrill Lynch in 2009—a deal forged at the height of the financial crisis in September 2008. Merrill Lynch has accounted for the bulk of Bank of America’s profits since the crisis.