Bank Of America Corp cut about 60 jobs in its equity sales and trading unit to lower expenses, Bloomberg reported, citing two people with knowledge of the decision.

The lender sought to trim its least-productive employees globally, Bloomberg cited the people as saying. The equities division employs about 2,500 people globally, one of the people told the news service.

Earlier on Wednesday, Bank of America said it expects to take more than $20 billion of charges after settling with mortgage bond investors, resulting in a second-quarter loss.

(Reporting by Mihir Dalal in Bangalore; Editing by Gary Hill)

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