Bank of America has been quietly cutting tech staff

As banks have been cutting costs over the past year, technologists have often felt their impact via layoffs. The most recent example appears to be Bank of America.

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It's understood that BofA has been cutting both technologists and quants in its global markets business as it seeks to cut costs. One quant who was cut is understood to have been a managing director who had been with the bank for 24 years, joining as a graduate. 

The bank also cut a trading MD who had been with the bank 18 years last week.

Insiders claim the cuts are part of an effort to offshore tech teams to Indian offices. The bank, which has six offices in the country, leased a 1.1m square foot office space in Chennai back in December. 

Bank of America have not responded to a request for comment.

Elsewhere, BofA may not be the only bank conducting layoffs quietly. One Nomura technologist said they were laid off in June for "cost-cutting" reasons. Nomura declined to comment.

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