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BofA Said to Plan More Than 300 Job Cuts at Montag Units

Bank of America Corp., the second-largest U.S. lender, plans to cut more than 300 jobs from corporate and investment banking and trading units run by Thomas K. Montag as underperformers are culled from its ranks, according to a person briefed on the matter.

The firm will target workers on desks where business has slowed and may inform those affected this month, said the person, who declined to be identified because the Charlotte, North Carolina-based firm’s plans are private. The reductions are mostly separate from the companywide cost-cutting program called Project New BAC, the person said.