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A Bank of America branch in the Brooklyn borough of New York.
Katherine Doherty
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Bank of America Corp. is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts.
Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge of the matter. Salaries are being kept the same for everyone affected, while bonuses will vary based on new roles.