NEW YORK (AP) -- Bank of America is cutting about a third of its propriety trading jobs to comply with new regulations on banks, according to a person familiar with the situation.
The person requested anonymity because details had not yet been made public.
The overhaul of U.S. financial regulations signed into law in July limits proprietary trading in which a bank trades on its own accounts for its own profit.
The elimination of the 25 or so proprietary trading jobs at Charlotte, N.C.-based Bank of America Corp. is a direct result of the new regulations, according to the person The positions are located around the globe, the source said.
The news was reported earlier in the day by Bloomberg News.