Bank of America (BAC) stock dipped Tuesday after the financial firm announced a new set of job cuts. According to insiders, the company cut 150 junior banker roles at its investment firm. These job cuts come as Bank of America and other financial institutions navigate an ongoing trade war between the U.S. and other countries, stagflation, and heightened interest rates.
Insider sources told Reuters that the role reductions weren’t a complete elimination of jobs. Instead, Bank of America offered the junior bankers positions outside its investment arm. However, some refused to accept the new positions and left the company.
Job cuts have been on the minds of investors and economists as they seek answers to what inflation and a trade war mean for the U.S. Many investors worry a recession is on the horizon. This comes as the Department of Government Efficiency (DOGE) cuts federal jobs to reduce government spending, flooding the private job market. Those cuts will show up on next month’s jobs report.
BAC Stock Movement Today
Bank of America stock was down 1.07% as of this writing, continuing its negative movement in 2025 after a 9.89% drop year-to-date. However, the shares are still up 12.14% year-to-date. This latest movement likely has less to do with job cuts and more to do with the trade war and other economic factors.
Is BAC Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus for Bank of America is Strong Buy based on 17 Buy and three Hold ratings over the last three months. With that comes an average price target of $52.86, a high of $59, and a low of $49. This represents a potential 33.96% upside for BAC stock.
See more BAC stock analyst ratings
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