BofA Said to Warn Equities Unit Employees of Staff Cuts

Bank of America Corp., the U.S. lender seeking to trim costs in investment banking, told equities-unit employees to expect targeted dismissals next month, said two people with knowledge of the message.

The firm started to inform workers this week of reductions scheduled for about March 15, said the people, who asked for anonymity because the communications are private. Managers told employees the number of jobs affected wasn’t final yet, and that the dismissals were meant to free room to hire outsiders while leaving headcount almost unchanged, the people said.