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BANK OF AMERICA

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Bank of America : BofA to cut 'a couple of hundred' jobs: WSJ

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09/29/2015 | 12:12pm EDT
A Bank Of America sign is pictured in the Manhattan borough of New York

(Reuters) - Bank of America Corp is planning "a couple of hundred" job cuts at its global banking and markets unit, the Wall Street Journal reported.

The bank could announce the layoffs as early as Tuesday, the Journal said, citing people familiar with the matter.

Bank of America, which had about 216,700 full-time employees as of June 30, could not be immediately reached for comment.

Investment banks have been known to axe jobs at this time of year, just ahead of bonus season.

Bank of America's third-quarter trading revenue may fall between 5 percent and 6 percent due to weakness in its fixed income business, Chief Executive Brian Moynihan said at a conference less than two weeks ago.

Moynihan, known within the bank as a problem-fixer and a cost-cutter, had previously said the trading business would need to trim expenses if results did not improve.

Bond trading has been under pressure since the financial crisis as new rules discourage banks from trading off their own balance sheet and regulators demand that banks boost capital.

Recent concerns over the slowing Chinese economy and the Greek debt crisis are expected to further cut into banks' trading volumes.

During the second quarter, bond trading revenue at every major bank, with the exception of Morgan Stanley, declined from a year earlier.

(Reporting by Richa Naidu in Bengaluru; Editing by Savio D'Souza)

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Financials (USD)
Sales 2019 91 722 M
EBIT 2019 38 496 M
Net income 2019 26 589 M
Debt 2019 -
Yield 2019 2,22%
P/E ratio 2019 10,6x
P/E ratio 2020 9,80x
Capi. / Sales2019 3,03x
Capi. / Sales2020 3,02x
Capitalization 278 B
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Technical analysis trends BANK OF AMERICA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,87  $
Last Close Price 29,82  $
Spread / Highest target 47,6%
Spread / Average Target 10,2%
Spread / Lowest Target -6,10%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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