NEW YORK (March 11): Bank of America eliminated some investment banking roles on Monday, including in New York, according to three sources familiar with the situation who declined to be identified discussing personnel matters.

The cuts affected junior bankers, including analysts and associates, the three sources said. The small number of employees whose jobs were trimmed could be redeployed in comparable positions elsewhere in the company, one of the sources said.

The latest cull comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally as part of an annual performance review process, two of the sources said.

The reductions represented 1% of headcount for the businesses, and included managing directors, directors and vice presidents, one of the sources said.

Goldman Sachs also plans to trim its staffing by 3% to 5% in an annual performance review process this spring, Reuters reported on March 4, citing a source familiar with the matter.

Goldman's latest cuts would equate to more than 1,395 employees from the bank's global workforce of 46,500 at the end of December.

Investment banking activity had picked up in recent months, with Wall Street executives cheering the business-friendly tone of Donald Trump's administration.

The surge in dealmaking has not materialised so far. US mergers and acquisitions in the first two months of 2025 were the lowest since the financial crisis, with just 1,603 deals signed through Friday, making it the slowest open by volume since 2009, Dealogic data showed.

Uploaded by Siow Chen Ming