(MENAFN- Trend News Agency) Bank of America Corp is redeploying employees in wealth
management and lending to other roles within the company, a source
familiar with the matter said on Friday, as higher interest rates
continue to weigh on the businesses, trend reports with reference to reuters .
Less than 200 employees are being moved to product specialist
positions within the company's global operations organization, the
source told Reuters.
"As our business and client needs grow and evolve, our focus
continues to be on aligning our team to areas of greatest need.
Based on current market conditions, we are re-aligning talent to
support these areas," a Bank of America spokesperson said.
The news was first reported by Bloomberg on Friday.
The move highlights the broader weakness in Wall Street banks'
mortgage and wealth management businesses in a rising interest rate
Interest rate hikes by global central banks to tame elevated
levels of inflation have weighed on consumer and corporate
spending, affecting the outlook for Wall Street heavyweights such
as Goldman Sachs Group Inc and Morgan Stanley.
Wells Fargo & Co slashed hundreds of jobs in its mortgage
business across the U.S., Bloomberg News reported in December.
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