BofA Plans to Cut 324 New York Jobs Including Investment Bankers, Traders

[FarCenter]

Bank of America Corp. (BAC), the lender seeking to reduce expenses after losing half its market value, plans to eliminate 324 jobs in New York starting next month, including investment bankers and equity traders.

Most of the cuts, 250, start Dec. 14 at the firm’s Midtown tower at 1 Bryant Park, according to a filing to the state’s Department of Labor dated Sept. 29. The rest of the company’s terminations start Nov. 30 and affect offices at 2 and 4 World Financial Center and 222 Broadway. Workers have been notified of the cuts, which are part of 3,500 disclosed in August, said T.J. Crawford, a bank spokesman.
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Wall Street may trim 10,000 more workers through next year, and bonuses for those remaining are “certainly going to be lower,” New York State Comptroller Thomas DiNapoli said this week. Each job gained or lost in the industry creates or eliminates three other jobs in the state, he said.

http://www.bloomberg.com/news/2011-10-13/bofa-tells-new-york-of-plans-to-eliminate-324-jobs-in-manhattan.html

[kestrel91316]

1. Might win over some former 1%ers to the 99% camp......