Bank of America's steep 32% third-quarter profit drop has led to a shakeup in leadership and a reported plan for massive layoffs. Now it remains to be seen what becomes of the bank's structured products business, which is reeling from the summer's credit slump.
Gene Taylor, president of the bank's global corporate and investment banking division, is set to retire and approximately 3,000 employees will reportedly be laid off. Brian Moynihan, head of the bank's global wealth and investment management unit, is replacing Taylor. Chris Hentemann, who oversaw the bank's global structured products, also left on Oct. 19 and was replaced by George Ellison.
"While some of these changes are a direct result of our underperformance, others have been contemplated for a number of months as we looked at how we could operate more effectively," Chief Executive Kenneth Lewis said in a statement. He added that …
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