Bank of America axes 150 junior banker jobs after layoffs at Goldman Sachs, JPMorgan
1. BAC eliminated 150 junior banker jobs in investment banking. 2. Job cuts represent 1% of workforce in investment banking and global markets. 3. Similar layoffs occur at JPMorgan and Goldman Sachs due to underperformance. 4. Deal volumes are below expectations in the first half of the year. 5. Most laid-off bankers will be offered roles outside investment banking.