CHICAGO - More than a dozen professionals were cut from the ranks of Bank of America Corp. and Merrill Lynch & Co.'s municipal groups in recent days as the two firms continue to merge their businesses amid ongoing economic turmoil and pressure to return to profitability.
The majority of bankers let go were from the Banc of America Securities LLC broker-dealer team and included at least three managing directors - Erin Gore, the New York City-based co-head of the education and nonprofit group; Todd Bleakney, who ran the short-term desk in its Charlotte headquarters; and Scott Verch who managed the derivatives products in Charlotte. Sources said Ken Schneider, a vice president, also was cut. Tripp Davenport, a vice president in Banc of America's Dallas office, was among the recent layoffs. Mark Nitcholas, a managing director and team leader in the Houston office, also has been cut, but it was unclear if he was included in the latest round or a previous round of layoffs.