The business has tumbled in the rankings for the underwriting of state and local debt.
The bank has said the job cuts may continue around the globe into next year.
The company is scrutinizing businesses that are tacking surcharges onto credit card purchases.
Wall Street's biggest banks rejiggered their workforces amid a slump in dealmaking.
Buyer JPMorgan will share any mortgage losses with the FDIC.
The rate moves that toppled some regional US banks last month also provided opportunities for Wall Street traders.
The KBW Bank Index is down 19% this year, and lost 25% in March alone as bank stocks suffered.
The industrywide bonus pool sank to $33.7 billion last year, down 21% from 2021.
The move comes just weeks after rival JPMorgan Chase & Co. cut hundreds of mortgage employees.
The fixed-income trading unit is expected to produce record revenue after 2022's wild market swings.
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