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.
Mergers should be forthcoming.
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