Bank of America Corp (BAC.N) 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.
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.
Source : Bank of America to shift wealth management and banking employees, says source