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.
A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photois 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.
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 move highlights the broader weakness in Wall Street banks' mortgage and wealth management businesses in a rising interest rate environment.
Interest rate hikes by global central banks to tame elevated levels of inflation have weighed on consumer and corporate spending, affecting the outlook for
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Sunshine Thursday, Friday; Severe Potential Friday Night - Alabama NewsTemperatures surge into the low and mid 80s Thursday afternoon and the sky remains mainly sunny. Thursday night remains mild with lows near 60°, while low clouds and fog likely develop again.
Les mer »
Sunshine Friday, Severe Storms Possible Friday Night - Alabama NewsSevere storms remain possible Friday night through early Saturday morning. However, the severe risk area and risk level from the storm prediction center has decreased since Thursday's outlook.
Les mer »
Stocks close higher Friday as investors try to shake off latest bank fears: Live updatesStocks rose Friday, reversing their earlier session declines as Deutsche Bank shares pared back some losses. The Dow gained 0.41%. The S&P 500 rose 0.56%. The Nasdaq was up 0.31%.
Les mer »
U.S. bank sector ‘remains sound and resilient,’ council of top regulators says after Friday meetingThe Financial Stability Oversight Council said that “while some institutions have come under stress, the U.S. banking system remains sound and resilient,” in...
Les mer »
Swiss National Bank raises rates, says bank crisis stoppedThe Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had 'put a halt to the crisis'.
Les mer »