NEW YORK, Oct 29 (Reuters) - Bank of America Corp will no longer make markets in precious and base metals trading starting Monday, but will continue to have a metals service for its clients, a company spokeswoman said.
"I can confirm for you that we will no longer actively make markets in metals, but that we will continue to facilitate client trades," a Bank of America spokeswoman told Reuters.
Asked if staff would remain to execute those trades, the spokeswoman said, "I would think that's basically assumed," though she did not specify whether they would remain at both the New York and London metals desks.
"We do still have a commodities business," she said, but added, "We're not going to make (metals) markets for the street."
The company spokeswoman declined to divulge the exact number of staff being let go, but said the change in the bank's metals trading focus would be effective on Monday.
A trader at Bank of America's London trading desk said a few people at the metals operation there had already left, while another trader at a desk nearby described departures on the metals desk as "carnage."
In New York, a trading source at Bank of America said early talk that the bank would eliminate metals trading was untrue.
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