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Work Shift

Bank of America Freezes Most Hiring to Control Costs, Guard Against Downturn

  • Vital roles will still be filled, including some in trading
  • Bank shows no sign it’s contemplating widespread job cuts
Bloomberg business news
Bank of America Freezes Most Hiring

Bank of America Corp. started telling executives to pause hiring except for the most vital positions, as it tries to keep a lid on costs and prepare for a possible economic downturn. 

The move is an escalation of the company’s decision late last year to slow hiring after fewer employees decided to leave of their own accord, according to people with knowledge of the matter.