Pink slips began circulating on the trading floors of Bank of America in Charlotte today. The worst hit group seems to be the commercial mortgage backed securities unit, another indicator of the trouble brewing in the CMBS market.
Bank of America has been losing Merrillistas left and right, shedding some long term employees in favour of BAC vets and watching some of its most valuable employees quit. Now the focus has turned inward, with cuts being made among the Bank of America natives in North Carolina.
(Got a tip about layoffs or people qutting? Get in touch with Clusterstock. Email: [email protected]. Or text us at 646-526-FEAR.)