Bank of America flags 4,000 job cuts despite strong results

Bank of America on Tuesday announced plans to cut as many as 4,000 positions before the end of June even after it reported first-quarter profits that beat expectations.

The job cuts represent 2 per cent of BofA’s overall workforce, which topped 217,000 at the end of the first quarter after the lender had ramped up hiring as the job market heated up during the pandemic era. The bank’s headcount had grown 4 per cent in the year to the end of March, based on data it released as part of its earnings announcement.