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Australian job cuts at Bank of America Merrill Lynch

A new round of job cuts in Australia have been announced by Bank of America Merrill Lynch.

Speaking to Deal Journal Australia, a person familiar with the matter revealed redundancies in the country are already underway.

The slow global economic recovery and inactive equity markets have led to the lender attempting to cut costs, although fewer than ten members of staff have been let go so far.

It comes after the Wall Street Journal reported earlier in the week that the financier would be relieving around 40 employees of their positions in the lender's Asia Pacific Global Markets.

This unit includes equities, fixed income, currencies and commodities trading, with the decision taken following global conference calls throughout the organisation.

By doing so, Bank of America Merrill Lynch - which has clients in more than 150 countries - has become the latest bank to try and limit costs as a result of the uncertain economic climate restricting deal flow.

By Asim Shah