Bank of America (NYSE: BAC) made some of its employees pay for the woeful results from the last quarter. About 3,000 people will get pink slips, mostly in the investment banking division.
According to The Wall Street Journal the bank said Gene Taylor, president of the unit and a 38-year-veteran Bank of America executive, will retire. Although that may not have been his decision. The paper reports that "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."
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
10-25-2007 @ 1:40AM
BizIntel said...
It's been a rough quarter for BOA. Don't forget that the 32% dip in net income came about via a whopping 93% drop in earnings in the investment banking division. They'll need to reinvent themselves in that space, as corporate finance is a tough environment to compete in.
Cheers,
BizIntel
http://www.evaluatingstocks.com