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Fortune

Sophie Mellor

Bank of America chief doesn’t see the point of layoffs—let natural attrition do the trick

Bank of America Brian Moynihan Goldman Sachs Morgan Stanley

Brian Moynihan (Credit: Michael Nagle—Bloomberg/Getty Images)

Bank of America has to trim down its headcount in the coming weeks as an economic downturn takes shape on the horizon.

But unlike peers at Goldman Sachs and Morgan Stanley who have resorted to mass layoffs, Bank of America CEO Brian Moynihan and CFO Alastair Borthwick are opting for a different strategy.

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