(Source: Bloomberg By Dakin Campbell) – Bank of America Corp. (BAC) and Goldman Sachs Group Inc. (GS) are among financial firms cutting more than 1,300 workers in an effort to trim expenses and match revenue as equity and bond trading slows.Bank of America, the biggest U.S. bank, cut about 60 positions in its equity-sales and trading division this month, said two people with knowledge of the decision. Goldman Sachs, the fifth-biggest U.S. bank by assets, plans to eliminate 230 jobs in New York starting in September, according to a filing the firm submitted to the state’s Department of Labor.
The firms join Barclays Plc (BARC) and Credit Suisse Group AG (CSGN), which are cutting investment-banking workers as they grapple with reduced revenue from buying and selling securities. Fixed- income trading revenue at U.S. banks probably dropped 30 percent in the second quarter from the previous three-month period, while equities trading fell 15 percent, Keith Horowitz, a Citigroup Inc. analyst, wrote in a report last week.
Source: Bloomberg By Dakin Campbell
Jun 30, 2011 12:47 PM PT
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