WOW! Top Strategist At Bank Of America Is Replaced 3 Days After He Called For S&P 1450

David BiancoDavid Bianco

Photo: Merrill Lynch Wealth Management

Interesting.David Bianco, the top equity strategist at Bank of America, has been replaced one day after calling for the S&P 1450, in an uber-bullish research report that was widely panned by anyone.

According to Bloomberg, it’s not clear if he was fired or whether he resigned, and the bank wouldn’t say.

New strategist Savita Subramanian, the firm’s top quant strategist, has been with the firm 11 years.

A spokeswoman for the bank, Susan McCabe, says Bianco’s departure had nothing to do with his “S&P 1450!” call. Rather, she says, the firm decided to combine its quantitative and fundamental strategy teams into a single lead strategist position. David Bianco lost out.

Here’s our recap of Bianco’s note.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.