March 24 (Reuters) - Bank of America Corp is
redeploying employees in wealth management and lending to other
roles within the company, a source familiar with the matter said
on Friday, as higher interest rates continue to weigh on the
businesses.
Less than 200 employees are being moved to product
specialist positions within the company's global operations
organization, the source told Reuters.
"As our business and client needs grow and evolve, our focus
continues to be on aligning our team to areas of greatest need.
Based on current market conditions, we are re-aligning talent to
support these areas," a Bank of America spokesperson said.
The news was first reported by Bloomberg on Friday.
The move highlights the broader weakness in Wall Street
banks' mortgage and wealth management businesses in a rising
interest rate environment.
Interest rate hikes by global central banks to tame elevated
levels of inflation have weighed on consumer and corporate
spending, affecting the outlook for Wall Street heavyweights
such as Goldman Sachs Group Inc and Morgan Stanley .
Wells Fargo & Co slashed hundreds of jobs in its
mortgage business across the U.S., Bloomberg News reported in
December.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shilpi
Majumdar)
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