Layoffs

Executives provided advisors an update. The company has separately said it cut more than 200 retail branches at the end of last month.

The company said no additional layoffs would take place this year, but it left the door open to future staffing changes at the newly combined enterprise.

“We’ve said no layoffs for this year and we’ll stick by that,” Chief Executive Officer Brian Moynihan said Thursday.

The majority of job cuts are in corporate departments, with little impact to advisors or client service roles, the firm says.

The bank is under growing pressure to lower costs.

The cuts are among the first under new CEO Kentaro Okuda, who since taking the reins has said an existing $1.3 billion restructuring plan is no longer enough.

The shift comes after the bank reported its first quarterly loss since 2008.

Investment advice firms netted hundreds of millions of dollars. Here’s where they’re based, what lenders they turned to, and more.

The move would potentially set a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.

The firm’s CEO told staff there would be no headcount reduction in 2020 even as other industries have furloughed workers in droves.