Bank Of America (BAC) Trashes Its Investment Bank: Heads Roll

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According to The Wall Street Journal, Bank of America (BAC) will "pink slip" large numbers of people at its investment banking group.

Gene Taylor, president of corporate and investment banking unit and a 38-veteran Bank of America executive, will retire, writes the paper.

About 3,000 people will be forced to hit the streets because the big players at the bank could not manage risk. "Losses in the unit’s trading account totaled more than $1.45 billion."

Douglas A. McIntyre