March 20, 2014 / 12:52 AM / 5 years ago

Bank of America to cut fewer than 5 percent of jobs at two units: Bloomberg

A security guard patrols outside a Bank of America office in Burbank, California August 19, 2011. REUTERS/Fred Prouser

(Reuters) - Bank of America Corp (BAC.N) is laying off workers at its global trading and investment banking divisions, Bloomberg reported quoting three people with direct knowledge of the decision.

The job cuts would affect less than five percent of employees at the two units, with some staff members volunteering to leave the company, Bloomberg said.

The bank’s head of U.S. investment-grade industrials trading, Thomas Skove, was among those asked to leave, Bloomberg reported citing two of the people.

Bank of America hired Jon Klein from Credit Suisse Group AG CSGN.VX this month as a managing director in investment-grade trading, Bloomberg said quoting people with knowledge of the move.

Bank of America could not be reached for comment outside normal business hours.

Reporting by Rohit T. K. in Bangalore; Editing by Stephen Coates

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