|
|
|
|
BofA to gut investment unit: ReportCEO Ken Lewis lays out plans to restructure the bank's business banking division, according to The Wall Street Journal.NEW YORK (CNNMoney.com) -- Bank of America will drastically reorganize its corporate investment division as it retreats to focus on its core competencies of big business banking, said CEO Ken Lewis in an interview with The Wall Street Journal. After laying off about 650 people, on top of the 500 layoffs announced in October, the bank's corporate and investment unit will be shrunk by about 12 percent both in terms of employees and scope, reported the Journal. Bank of America will also sell off its hedge fund lending division, and shut down parts of its trading and debt-based operations. The new streamlined investment unit reportedly will be led by Brian Moynihan who currently heads Bank of America's Global Corporate & Investment Banking division. According to the Journal, the restructuring, along with the purchase of Countrywide (CFC, Fortune 500), indicates Bank of America's (BAC, Fortune 500) commitment to U.S. consumer-level banking as its competitors look overseas. |
Photo Galleries
Across the nation, the deepening economic downturn is fueling anxiety among everyday folks. See what's got them worried and how they're coping. More
The Motor City needs new industries. These 7 entrepreneurs are bringing tech, medical research and design jobs to the Detroit metro area. More
Need to plan the best route and dodge speed traps along the way? Try these GPS devices and radar detectors. More
Sponsors
|
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
| Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use. Intraday data is at least 20-minutes delayed. All times are ET. Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data. Fundamental data provided by Morningstar, Inc.. SEC Filings data provided by Edgar Online Inc.. Earnings data provided by FactSet CallStreet, LLC. |
