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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: forceOfHabit who wrote (87902)10/24/2007 7:45:07 PM
From: CalculatedRisk   of 110194
 
Bank of America Shakes Up Its Investment Bank
online.wsj.com

Bank of America Corp. launched a major shakeup of its investment bank, including layoffs and the retirement of the head of its Global Corporate and Investment Banking unit.

Last week, Bank of America disclosed disastrous results for the investment bank. Losses in the unit's trading account totaled more than $1.45 billion, triggering a 32% decline in net income for the bank, compared to the same quarter a year earlier.

The dismal performance was a major setback for Bank of America Chairman and Chief Executive Kenneth D. Lewis and his goal to build a major investment banking presence on Wall Street.

As part of the retrenchment, the bank said Gene Taylor, president of the unit and a 38-veteran Bank of America executive, will retire. Mr. Taylor, 60 years old, declined to comment.

The moves include eliminating about 3,000 jobs, with the cuts coming largely from the company's global corporate and investment bank, which currently has about 20,000 employees. The bank said the cuts are spread throughout the unit, which includes commercial banking and treasury services in addition to capital markets and investment banking.
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