ALMOST three per cent of Bank of America Merrill Lynch’s 13,000 investment banking staff are set to be culled in order to improve performance, including employees in Europe.
Nearly 400 people are due to be chopped from the global banking and markets division
across all global regions, though twice that number have been hired already this year.
Analysts yesterday said the move was designed to maximise the performance of the division as revenues from trading and advisory activities across the investment banks falters in a tough environment.
BoA Merrill Lynch’s global banking and markets arm posted a profit of $4.1bn (£2.6bn) for the first half of the year. That was 35 per cent lower than the first half last year, when the bank booked a hefty gain on the disposal of its merchant processing business.