Bank Of America To Change Business Operation Structure

Bank of America is going to be shaking things up here pretty soon and that includes restructuring its investment banking unit, starting with the president of said unit. Spokesmen for Bank of America announced that Gene Taylor will step down and retire as their president of the bank’s Global Corporate and Investment Banking unit.

His replacement will be the well respected Brian Moynihan. Moynihan is the current head of the bank’s Global Wealth and Investment Management unit so this won’t be a major leap for him and Bank of America decided that it was best to stay in house in order to find this replacement.

The bank also told the press that they would terminate 3,000 jobs that come mostly from the Global Corporate and Investment Banking unit that Taylor was in charge of. These layoffs will spread all over the company though into other departments. This has obviously caused a lot of frustration internally because of this decision.

The changes come after large losses for Taylor’s unit in the sum of more than $1.45 billion. Bank of America felt that serious internal changes needed to be made in order to rebound from these struggles. These losses triggered a 32% decline in net income for the Bank of America compared to the same quarter last year at this time.