The Canadian footprint of Bank of America Merrill Lynch is much smaller Tuesday morning than it was on Monday, the Financial Post reports.
The firm has made staff cuts in all its four Canadian offices: Vancouver, Calgary, Toronto and Montreal.
It’s understood that the cuts are across the board and the cuts in Canada are part of a global downsizing by the firm. Similar cuts have been made in New York and London.
“Volumes are weak across all product lines and overheads are high,” noted one market participant.
Find out more at http://business.financialpost.com/2012/03/20/major-cuts-at-bofa-merrill-lynch/
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