Bank of America plans sale of equities prime brokerage


The fallout continues after Bank of America suffered dreadful third-quarter results in 2007, and the bank is now planning to sell its equities prime brokerage unit as part of a larger downsizing that will cut 650 jobs from its corporate and investment bank. These measures follow 500 layoffs that were announced in October.

Bank of America suffered its worst quarter in the seven-year tenure of chairman and CEO Kenneth Lewis, following a $1.45 billion loss related to trading, which resulted in a 32% drop in net income in the third quarter.

The bank does not provide information on