CHARLOTTE, N.C. — In a move to improve its global corporate andinvestment banking unit, Bank of America said yesterday it plans tolay off 3,000 employees.
|The layoffs will affect less than 2% of the company's staff withthe majority of the GCIB-cuts spread through business lending,Treasury services and capital markets and advisory services as wellas supporting infrastructure, according to a statement on BofA'sWeb site.
|News of the layoffs comes a week after the bank reported a 93%drop in profits in the third quarter. The company also said that inthe wake of a disappointing third quarter results in its capitalmarkets businesses, it has launched a strategic review of GCIB todetermine how it can operate more effectively while continuing tomeet client financial needs.
|Replacing GCIB President Eugene Taylor, who will retire thisyear after 38 years of service, is Brian Moynihan, the bank'sformer head of global wealth and investment management. KeithBanks, president of Columbia Management, BofA's asset managementorganization, will succeed Moynihan.
|“While some of these changes are a direct result of ourunderperformance, others have been contemplated for a number ofmonths as we looked at how we could operate more effectively,” saidKenneth D. Lewis, chairman and CEO of BofA.
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