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Bank of America Stands by Pledge of No Layoffs This Year

  • Bank to continue managing headcount through attrition
  • CEO sees ‘plenty of talent’ available to build diversity
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Bank of America Corp. plans to stand by its pledge of avoiding staff cuts this year as some of its biggest rivals resume workforce reductions amid the pandemic.

“We’ve said no layoffs for this year and we’ll stick by that,” Bank of America Chief Executive Officer Brian Moynihan said Thursday in a Bloomberg Television interview with David Westin. Banks including Goldman Sachs Group Inc., JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. have resumed job cuts.