BUSINESS
09/21/2011 08:36 am ET Updated Dec 06, 2017

Bank Of America Cuts Investment Bankers In Industrials Group: Report

Bank of America Corp (BAC.N) dismissed 13 investment bankers in its industrials group and may cut more, Bloomberg reported on Tuesday, citing two people with direct knowledge of the actions.

The cuts in the industrial group -- which gives advice and funds to various industries from aerospace to mining and paper -- were not a part of the wider cost-cutting plan announced last week, Bloomberg reported, citing one of the people familiar with the actions.

Managing directors David Iwan and Egan Antill, who were with Merrill Lynch & Co before it was acquired by Bank of America in 2009, left earlier this month when the bank cut 3,500 jobs, Bloomberg said.

Bank of America was not available for comment outside business hours.

Last week, the Charlotte, North Carolina-based bank said it would cut 30,000 jobs and reduce annual expenses by $5 billion, as it struggles with costs from its 2008 takeover of Countrywide Financial Corp and a nearly 50 percent drop in share price this year.

(Reporting by Arpita Mukherjee in Bangalore; Editing by Steve Orlofsky)

Copyright 2011 Thomson Reuters. Click for Restrictions.