Financial Sector Job Cuts Keep Mounting (BAC)

Bank of America BAC is the latest firm to announce cuts to its proprietary trading unit, shedding some 20-30 jobs, as it looks to comply with the Volcker Rule. According to Bloomberg News, Bank of America is cutting the jobs in New York and outside the U.S., and represent less than one third of its prop trading unit. Goldman Sachs Groups Inc. GS and JP Morgan Chase & Co.JPM have reportedly made similar decisions to comply with new financial regulations. At last check, shares of Bank of America were down 10 cents to $13.18, a loss of 0.7%.