Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures
- Bank of America move marks the end of job-security assurances
- Solomon signals that working from home is probably next to go
Photographer: Michael Nagle/Bloomberg
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One by one, most of the biggest U.S. banks pledged to avoid workforce reductions almost a year ago as coronavirus infections erupted in New York City. One by one, those vows have given way.
The news on Thursday that Bank of America Corp. is cutting some staff in its global banking and markets division marks the end of those assurances, while the international campaign to bring the virus under control continues.