Bank of America cuts 150 investment banker jobs. It’s the most recent round of layoffs

Charlotte-based Bank of America has laid off 150 investment division workers, sources told Reuters.

Most of the junior bankers were offered comparable positions outside of investment banking, Reuters reported Wednesday. Some of the employees opted to leave instead, according to Reuters.

None of the layoffs affect workers in Charlotte, a source familiar with the matter told The Charlotte Observer.

Bank officials refused requests for comment.

The layoffs come weeks after Bank of America cut staff in its investment banking and global markets divisions globally as part of an annual performance review process, sources told Reuters. The cuts represented 1% of the workforce for those businesses and included managing directors, directors and vice presidents, Reuters reported.

The latest job cuts, affecting analysts and associates, comes as U.S. mergers and acquisition activity has dropped to its slowest pace since 2009, according to data reported by Reuters.

Workforce reductions are expected to accelerate globally over the next several months, Reuters reported, due to a “dampened” outlook for investment banking.

Bank of America, the second largest bank in the U.S., has 213,000 employees with more than 19,000 workers in the Charlotte region.

This story was originally published March 13, 2025 at 2:18 PM with the headline "Bank of America cuts 150 investment banker jobs. It’s the most recent round of layoffs."