Skip to main content

Bloodletting at B of A

  • Author:
  • Updated:

No love over at Bank of America on this made up amorous holiday, where 43 specialists and clerks have been laid off (unless they consider unemployment a powerful aphrodisiac—which it very well might be—and are merely trying to do what they can for the love lives of erstwhile employees). A spokesperson for B o’ A told the Post that the axings occurred because of the number of the Big Board’s stocks “available to have buyers and sellers matched up through the Hybrid trading system" (and, off the record, that "the 43 should consider themselves lucky to have been kept on this long, since everyone knows that hybrid stands for 'have your bags ready in december,' and we let them stay on until February"). The Post also reports that some legal "messiness" is also on the horizon:

Yesterday…former BAS CEO Christopher Quick was deposed as part of a civil arbitration between a former BAS clerk and the firm. The arbitration, sources told The Post, at least partly centers on the firm's dismissal of a clerk who was said to be highly critical of the firm's handling of allegations of illegal market-making.
Also, the Securities and Exchange Commission has signaled that BAS' former executives, including Quick and Myles Gillespie, are not out of the woods. Gillespie, the former head of BAS predecessor Fleet Specialists, was tagged last week for failing to supervise former Fleet and BAS star specialist David Finnerty, who was convicted in October of illegal trading.