Bank of America has to trim down its headcount in the coming weeks as an economic downturn takes shape on the horizon. But unlike peers at Goldman Sachs and Morgan Stanley who have resorted to mass layoffs, Bank of America CEO Brian Moynihan and CFO Alastair Borthwick are opting for a different strategy. Moynihan says he doesn’t see the need for layoffs and plans to reduce the bank’s headcount by letting natural attrition do most of the work. Once employees depart from the company...