12:09 PM EDT, 08/06/2025 (MT Newswires) -- (Updates with company response in fourth paragraph.)

Bank of America ( BAC ) is asking its junior bankers to disclose if they have accepted job opportunities elsewhere and telling them they face reassignment to other areas if they do so, Bloomberg News reported Wednesday, citing a source familiar with the matter.

Bankers who fail to disclose accepted offers within a week would be deemed to be in violation of their offer letters and the bank's code of conduct, and could face discipline including dismissal, the source told Bloomberg.

The move is part of an initiative by Bank of America ( BAC ) and other major lenders to discourage defections to private equity firms and other rivals, according to the report.

Bank of America ( BAC ) declined to comment when contacted by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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