Bank of America Corp. will slash three-quarters of its work force in Brazil and Argentina.
Report: BofA cuts South American staff
According to Dow Jones News service, BofA will eliminate 150 jobs in Brazil and 25 in Argentina. Another 15 to 20 Latin America-related positions in Charlotte and New York will also be cut.
BofA follows other U.S. banks, such as J.P. Morgan Chase & Co., Citigroup Inc. and FleetBoston Financial Corp., that have recently cut exposure to increasingly volatile Latin American markets.
According to Dow Jones News, BofA will halt investment-banking operations in Brazil, but maintain its asset-management unit there. The bank's Brazilian operations will keep 40 employees, and 25 will remain in Argentina. BofA will continue to run offices in those countries, Mexico, Chile and Venezuela.
BofA officials were unavailable for comment.