Bank of America is planning to cut about 2,000 employees in its investment banking, commercial banking and non-U.S. wealth management units, according to a report in The Wall Street Journal.
The cuts are coming in divisions of the bank that were vastly expanded by Bank of America’s 2009 purchase of Merrill Lynch, the Journal said.
The reductions are noteworthy because they target high-earning employees “whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis,” the newspaper reported.
Shares of Bank of America were up over 3 percent in afternoon trading.
