NEW YORK - Bank of America Corp., seeking to reduce expenses after losing half of its market value, plans to eliminate 324 jobs in New York City starting next month, including investment bankers and equity traders.
Most of the cuts, 250, will be at the company’s Midtown tower at 1 Bryant Park, according to documents filed with the New York Department of Labor. The rest affect offices at 2 and 4 World Financial Center and 222 Broadway.
Workers have been notified of the cuts, which are part of 3,500 disclosed in August, a spokesman said.
Since then, chief executive Brian T. Moynihan has said he will cut 30,000 more jobs over the next few years, stoking anxiety among the 288,000 workers the bank had at midyear. Those affected in New York include investment bankers, equity traders, capital-markets workers, and technology and operations personnel.
Bank of America aims to cut about $5 billion in annual costs by the end of 2013. Moynihan’s plan included a management shake-up last month that left Sallie Krawcheck and Joe Price jobless. Last week, the bank said it will give the executives a total of $11 million in severance pay.
Managers are now examining areas including global markets, commercial banking, and corporate banking for cost-cutting opportunities, the company said.
Capital One Financial Corp. also said that it is cutting jobs, 136 positions on Long Island.