6 big banks, 6 big shake-ups

The mortgage mess has unleashed a restructuring wave as banks try to clean house.

Bank of America
Bank of America
Who's out: The bank said on Oct. 24 it was replacing Gene Taylor, head of its investment bank, with Brian Moynihan as part of a management reshuffle. Moynihan had previously led the company's global wealth and investment management division. Taylor will retire at the end of the year.

What's shaking: Bank of America slashed 3,000 jobs across its businesses as part of the restructuring. The majority of the cuts affect its investment bank. The company is also exiting the wholesale mortgage business.

Cause of concern: Bank of America's investment bank profit fell 93 percent to $1.33 billion in the third quarter.


Merrill Lynch

Bank of America

Bear Stearns

Lehman Brothers

Morgan Stanley