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Employees in sales and trading, research, investment banking and capital markets were affected by the move, the report said, citing two people familiar with the matter. (https://
The staff reduction is part of Wall Street’s typical practice of staffing changes around this time of the year after bonuses are distributed, the report added.
Bank of America did not immediately respond to Reuters’ request for comment.
Last year, the bank had said it would not cut any jobs in 2020.
