Bank of America Corp (NYSE: BAC) will be cutting between 20 and 30 employees that traded for the bank’s internal account as a result of a federal rule change which requires banks to reduce the amount of risk they are taking by limiting how they can trade their own funds.
The Charlotte-based bank will be cutting about a third of its proprietary trading staff as a result of the “Volcker Rule” according to a report from Fox Business. The bank also recently laid-off 13 traders from its global commodities business as part of its annual staff performance review.
Bank of America Corp (NYSE: BAC) said in a statement that it will continue to explore the best possible ways to comply with the rule which came out of the Dodd-Frank act, and that the job-cuts are a step in that direction.
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries (the Banks) and various nonbanking subsidiaries throughout the United States and in selected international markets, it provides a range of banking and nonbanking financial services and products through six business segments: Deposits, Global Card Services, Home Loans & Insurance, Global Commercial Banking, Global Banking & Markets, Global Wealth & Investment Management, with the remaining operations recorded in All Other.
Shares of Bank of America Corp (NYSE: BAC) traded down 1.21% during mid-day trading on Wednesday.
