The lender plans to cut more than 300 jobs from corporate and investment banking and trading units, a person briefed on the matter said last month. The bank is in talks to sell its non-U.S. wealth-management operations to Zurich-based Julius Baer Group Ltd., a transaction that may reduce headcount by less than 2,000.
Moynihan has said that the first phase of his cost-cutting plan, announced last year, would trim $5 billion in expenses and eliminate 30,000 jobs from retail banking and support units. Bank of America had about 278,700 employees as of March 31.