Following the news that the Bank of America profits had fallen 32% in the last quarter, Stephen Ketchum, head of media investment banking at the bank, has left his post.
The bank has not disclosed the reasons for Ketchum’s departure, though last month declared it would be cutting 3,000 jobs, mainly in the global corporate and investment banking section, following the results. It seems that the bank may have been unhappy at certain decisions taken by Ketchum, with Chairman Ken Lewis citing poor judgement as the reason for the drop in profits in the last quarter.
Global Head of Telecommunications Rick Swift will succeed Ketchum on a temporary basis, though Swift is likely to retain his current role in the long term.
The last quarter saw the bank’s profits down 32% on the previous year, whilst net income also fell from £2.65 billion to £1.8 billion. The share price fell by 3.4% meaning it has dropped by 6% this year so far. In a further severe hit, net income in the global corporate and investment banking section was down 93% on the previous year, from nearly £700 billion down to just under £50 billion.
Ketchum Leaves Bank of America Post
Ketchum Leaves Bank of America Post
Thu, 01 Nov 2007
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