People moves: BofA wields the hatchet
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Foreign Exchange

People moves: BofA wields the hatchet

Commiserations to all those made redundant by Bank of America this week. The weeklyFiX was sent a list of names of some of those let go in London and New York. Presumably other centres were also affected. I’ll leave it to others to pick over the bones on this one, but really there’s no need to compound the misery of those who have just lost their jobs by naming them.

The bank declined to detail how many in FX were impacted. “We’re not breaking out figures by line of business so I’m not in a position to confirm a total for FX,” says a spokeswoman. “As announced on December 11 2008, Bank of America expects to eliminate 30,000 to 35,000 positions over the next three years, reflecting the merger with Merrill Lynch and the weak economic environment, which is affecting the level of business activity.”

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