Report: BofA to sweep away top execs
The departing executives were taken from the bank's so-called "band 1" layer of management, one rung below Mr. Lewis and the other C-level executives, The Wall Street Journal reported.
Bank of America Corp. has laid off about 20 high-ranking executives, including some loyalists of chief executive Kenneth Lewis, The Wall Street Journal reported.
The departing executives were taken from the bank’s so-called “band 1” layer of management, one rung below Mr. Lewis and the other C-level executives, the report stated.
Among those said to be fired were: deputy general counsel David Onorato; Helga Houston, a compliance and risk management executive for global consumer and small business banking; Lance Drummond, a senior e-commerce executive in charge of the website, bankofamerica.com; Brad Dinsmore, head of consumer banking on the West Coast; Mark Ricci, a sales, service and integration executive; and Chris Swecker, hired in 2006 from the Federal Bureau of Investigation to run the bank’s corporate security organization. Another was general counsel Tim Mayopoulos, who was replaced by Brian Moynihan, most recently head of corporate and investment banking, according to the Journal.
The layoffs are part of the Charlotte, N.C.-based bank’s plan to cut 30,000 to 35,000 jobs, representing about 10% to 11% of the company’s total workforce after it completes its acquisition of Merrill Lynch & Co. Inc. of New York, in a deal that is expected to close by Jan. 1.
Shares of Bank of America were off 82 cents, or 5.5%, to $14.11 in Monday afternoon trading.
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