Bank of America is preparing for significant job cuts across its global banking and markets business, according to people with knowledge of the matter.
Senior executives in the division were tasked with identifying potential job cuts a few weeks ago, and this week were asked to increase their size, according to people familiar with the situation.
The cuts are likely to be over 5% of staff, the people said. Some business lines will face deeper cuts than others, and the details haven't been finalized.
Employees could be told of the cuts as soon as March 8, one of the people said, which is weeks sooner than managers were initially expecting. The people didn't know the reasons the cuts had be pushed forward.
A spokesman for Bank of America declined to comment.
Related: 5 great personal finance tips
Money saving tips
Bank of America is preparing big layoffs in investment banking and trading
5. 5 unnecessary tech purchases that cost you money
When you're building a budget, the first thing to look at is non-essentials you can cut. Music, movies, books, apps and other bits of entertainment often fall into that category. However, you might not want to give them up.
4. 3 things you're almost guaranteed better deals online
When online shopping first started, it was a bonanza for saving money. Online stores didn't have to deal with sales tax, a large chunk of typical retail overhead and you could usually find a free shipping offer somewhere.
In recent years, however, brick-and-mortar retailers have evened the odds with price matching and other savings. So you still want to check both for deals before you buy something. However, there are three things you might buy that are almost always going to be less expensive online. Find out what they are and some good sites to find great deals.
3. 3 secrets to dramatically lower your cable bill
When you're trying to cut non-essentials, your cable bill probably doesn't spring immediately to mind. Even though it's a huge expense every month, many people can't imagine going without their favorite shows.
2. Test whether your ISP is slowing down your connection
Your Internet connection lets you check Facebook, send email, browse the Internet, watch online video, play online games and connects you to the single largest source of information in history. You need it to be fast, and you probably pay a hefty amount to get an Internet plan with decent speed.
One of the biggest travel expenses is the airfare. Even worse, every dollar you're spending on getting to and from your destination is money you can't spend enjoying yourself while you're there. So, finding a cheap flight is definitely something to shoot for.
Daniel Pinto, CEO of JPMorgan's corporate and investment bank, said on Tuesday that the firm's investment-banking revenues are forecast to be down 25% in the first quarter. Markets revenues are down 20% year-on-year, Pinto said, speaking at JPMorgan's Investor Day conference.