Goldman, BofA Dismiss Traders After Getting Taste of 2016 Markets
- Goldman said to plan cutting more than 5% of fixed-income jobs
- BofA said to eliminate 150 trading, investment-banking workers
Why Goldman and BofA Are Under Pressure to Cut Jobs
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Goldman Sachs Group Inc. and Bank of America Corp., two of Wall Street’s biggest investment banks, plan to lean on their periodic culls of low performers this year to rein in costs as a market rout pressures returns.
Goldman Sachs will eliminate more than 5 percent of traders and salespeople in its fixed-income business, cutting those operations more deeply than the annual companywide sweep normally used to make way for new hires, a person briefed on the matter said Thursday. Bank of America will dismiss about 150 trading and investment-banking employees next week as Chief Operating Officer Thomas Montag pushes managers to trim expenses, people familiar with its decision said.