Skip to content
Subscriber Only

BofA, Goldman Among Banks Bracing for Cuts as Trading Slows

Bank of America Corp. and Goldman Sachs Group Inc. 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.