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Bank of America axed a slew of investing banking jobs on Monday, sources told Reuters.
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The company laid off junior bankers, analysts, and associates, some of whom could potentially get roles elsewhere in the company, according to the report.
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The cuts weren’t isolated, either. Reuters (TRI-0.70% ) said they came a few weeks after Bank of America laid off about 1% of its workforce following performance reviews, including managing directors, directors, and vice presidents.
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And Bank of America isn’t alone. Goldman Sachs (GS+0.58% ) is also planning to lay off between 3% and 5% of its workforce following performance reviews, Reuters said. If enacted, the cuts will affect around 1,400 members of its 46,500-plus workforce.
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“This is part of our normal, annual talent management process,” a Goldman spokesperson said of the changes.
The exact number of roles eliminated at Bank of America (BAC-0.25% ) was unclear. Some of those affected worked in New York and others were based elsewhere.
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Bank of America did not immediately return a request for comment.