The News: Capital Markets Cuts at BofA

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Bank of America will cut several thousand employees from its capital markets business beginning this week, according to a report in the Financial Times. Most of the layoffs, which result from the consolidation of sales and trading activities in the wake of the Merrill Lynch acquisition, will be in New York. The FT says capital markets headcount will drop by 30 to 40 percent, or about 4,000 jobs.

BofA set for further jobs cuts [FT]


UBS and Credit Suisse are also reportedly planning cuts [Reuters]

Morgan Stanley's asset management arm lost 20 percent of its jobs [Financial News]

Merrill settles employee suit over stock losses [


From mortgage broker to Kohl's hopeful [CNN]

Networking note: Business is booming at New York's private clubs [Business Sheet]

Brokers wanted. Not necessarily by clients. [InvestmentNews]

Magnetar Cuts London risk arbitrage desk [HedgeWorld]

Rumors perk up ears all around the office [WSJ]