Layoffs

During first quarter earnings last month, the bank said that it would take a $300 million restructuring charge related to the cuts in the second quarter.

The company, which has seen headcount increase 45% since closing the deal, has eliminated more than 1,000 positions in recent months.

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.

It’s the second straight year that Cliff Asness’ quant firm is announcing layoffs.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

Almost a year after taking over at the firm's investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.

CEO Sergio Ermotti has resisted pressure from some investors for large-scale layoffs, opting instead for smaller cuts with less impact on morale.

The firm has experienced net outflows in each fiscal year since 2014.

The firm is dismissing hundreds of workers after a periodic review of staffing.

Asset managers have felt the pressure as volatility roils global markets and investors continue to demand low-fee funds that require far fewer workers.

The bank, which has 265,000 employees, is struggling to grow under the weight of a Federal Reserve assets cap.