Bloomberg News

Bank of America Said to Cut Dubai Sales, Trading Team by 40%

November 25, 2011

Nov. 16 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. lender by deposits, cut staff at its Merrill Lynch & Co. sales and trading division in Dubai by about 40 percent, said two people familiar with the matter.

The bank reduced the number of staff to six from 10, one of the people said, declining to be identified because the matter hasn’t been made public. The other person said at least three people were fired.

No one at Bank of America in Dubai was immediately available to comment.

--Editors: Claudia Maedler, Shaji Mathew

To contact the reporters on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net; Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net; Edward Evans at eevans3@bloomberg.net


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