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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

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

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09/29/2015 | 01:12pm 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)


Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.81% 23.85 Delayed Quote.-30.32%
MORGAN STANLEY -3.44% 48.59 Delayed Quote.-1.56%
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Financials (USD)
Sales 2020 86 164 M - -
Net income 2020 15 470 M - -
Net Debt 2020 - - -
P/E ratio 2020 13,6x
Yield 2020 3,02%
Capitalization 207 B 207 B -
Capi. / Sales 2020 2,40x
Capi. / Sales 2021 2,41x
Nbr of Employees 211 225
Free-Float 99,9%
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Technical analysis trends BANK OF AMERICA CORPORATION
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 28,54 $
Last Close Price 23,85 $
Spread / Highest target 59,3%
Spread / Average Target 19,7%
Spread / Lowest Target -7,76%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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