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Two Years After Hiring Her, Bank Of America Sacks Sallie Krawcheck, Announces Other "Delayerings"

Tyler Durden's picture




 

Oddly enough, just two years after hiring Sallie Krawcheck from Citi, BofA has just made her into the first sacrificial scapegoat. Odder still, is that Lehman also fired a women scapegoat a few weeks before it filed for bankruptcy. Coincidence? Find out when Brian Moynihan is fired in a few short weeks.

Full release:

Bank of America Chief Executive Officer Brian Moynihan today announced a reorganization of the company's management that aligns the company's operating units with its three core customer groups: individuals, companies, and institutional investors. Moynihan appointed David Darnell and Tom Montag to the newly-created positions of co-chief operating officers, accountable for all of the company's operating units. This reorganization is effective immediately.

 

Darnell is responsible for those businesses serving individual customers and clients including deposit, card, home mortgage, wealth management, small business, and related products and services.

Reporting to Montag are businesses that serve companies and institutional investors, including middle market commercial and large corporate banking, institutional investor services, such as Bank of America Merrill Lynch Global Research, and the global markets sales and trading businesses.

"Today is a significant step in the continued transformation of our company," said Moynihan. "David and Tom are leaders skilled at driving profitability and growth by focusing their businesses on all we can do for customers. They are accountable now for delivering our entire franchise to all our customers and clients."

In addition to Darnell and Montag, continuing to report to Moynihan are:

-- Cathy Bessant, Global Technology and Operations Executive.

-- Anne Finucane, Global Strategy and Marketing Officer.

-- Christine Katziff, Corporate General Auditor.

-- Terry Laughlin, Chief Risk Officer.

-- Gary Lynch, Global Chief of Legal, Compliance, and Regulatory Relations.

-- Charles Noski, Vice Chairman.

-- Andrea Smith, Global Head of Human Resources.

-- Ron Sturzenegger, Legacy Assets Servicing Executive.

-- Bruce Thompson, Chief Financial Officer.

Barbara Desoer continues as president of Bank of America Home Loans, reporting to Darnell. Joe Price, president of Global Consumer and Small Business Banking, and Sallie Krawcheck, president of Global Wealth and Investment Management, will leave the company.

"I am proud of my accomplishments while in various positions at Bank of America, especially the turnaround we are engineering in Consumer and Small Business Banking," Price said. "In serving on the team developing the game plan for New BAC, it became evident that streamlining could be done at the top as well as throughout the organization. Brian made some hard decisions, and it is a good time to step aside and look for other opportunities that take advantage of my broad experience."

"I am pleased with the work the team has done, in particular the strong performance of the business," said Krawcheck. "It has been an honor to lead Bank of America Global Wealth and Investment Management during a challenging time."

"Joe is a veteran of Bank of America who has contributed in many roles to building the company into what it is today. Most recently, Joe has been leading through fundamental change in Consumer and Small Business Banking, which is profitable and poised for growth," said Moynihan. "Sallie has led the wealth management businesses through an important integration with the broader franchise."

Moynihan continued, "De-layering and simplifying at the scale in which we operate requires difficult decisions. We wish them well and look forward to their continued leadership and business successes in the future."

Removing a layer of operations management, aligning leaders with our customer groups, and simplifying the organization reflect the primary objectives of the Project New BAC, begun in April 2011. These and other organizational improvements will eventually take effect across the consumer, home loans and support areas covered by phase I of New BAC, and are expected to result in significant expense reductions as the first phase concludes in coming weeks. Phase II of New BAC will begin in October and conclude in March 2012.

"There is hard work ahead to finalize and implement our New BAC decisions from among the hundreds of thousands of ideas employees have submitted," said Moynihan. "Only by streamlining and focusing our resources behind our customers will we truly deliver on the promise of what we have built."

 

 

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Tue, 09/06/2011 - 18:04 | 1639730 NoBull1994
NoBull1994's picture

Top layer about to be gone...

Tue, 09/06/2011 - 18:23 | 1639786 Pladizow
Pladizow's picture

They are simply rearranging deck chairs as the Titanic sinks!

Ladies and children first.

Tue, 09/06/2011 - 19:00 | 1639940 Drag Racer
Drag Racer's picture

I'm just curious who is in charge of the shredders? Isn't it funny to see Smurfit's stock tank in such a scrap paper boom...

Tue, 09/06/2011 - 19:09 | 1639964 Pure Evil
Pure Evil's picture

So what happened, did Sallie miss the vital meeting on how to smoke the CEO sausage, or the memo on pressing lips gently to posteriors of top level execs?

Tue, 09/06/2011 - 19:25 | 1640007 Ahmeexnal
Ahmeexnal's picture

they dumped Sallie Bouncedcheck? wonder why...maybe she refused to join the scientologists.

Tue, 09/06/2011 - 23:57 | 1640807 connda
connda's picture

In charge of the shredders?  The SEC.

Tue, 09/06/2011 - 19:55 | 1640117 Rodent Freikorps
Rodent Freikorps's picture

She's in banking. She's no lady.

Tue, 09/06/2011 - 21:28 | 1640423 jez
jez's picture

 

There's been a good deal of successful "De-layering" of the stock price as well.

Not mentioned, oddly.

Tue, 09/06/2011 - 18:05 | 1639735 1835jackson
1835jackson's picture

de-layering funny as fuck

Tue, 09/06/2011 - 18:07 | 1639743 caerus
caerus's picture

no shit...wtf is de-layering? grab yo last paycheck krawcheck!

Tue, 09/06/2011 - 18:08 | 1639748 Rainman
Rainman's picture

...yeah, de-layering must mean she wasn't puttin out or talks too much. Both are grounds for getting de-layered.

Tue, 09/06/2011 - 18:17 | 1639778 ihedgemyhedges
ihedgemyhedges's picture

Maybe.  More likely was she didn't have any incriminating pics............

Tue, 09/06/2011 - 18:45 | 1639897 macholatte
macholatte's picture

I'd like to know what it's costing BofA to "let her go".

 

2007 Most Powerful Women rank:  12
2006 Total compensation: $10.6 million

http://money.cnn.com/galleries/2007/fortune/0709/gallery.women_highest_pay.fortune/12.html

Tue, 09/06/2011 - 18:56 | 1639931 Rainman
Tue, 09/06/2011 - 19:01 | 1639943 NumberNone
NumberNone's picture

According to Wiki...while at Citi she was called 'The Last Honest Analyst' by Fortune. This caused her to get run by Pandit.  Honesty could be a liability in an organization like BofA.

http://en.wikipedia.org/wiki/Sallie_Krawcheck

Tue, 09/06/2011 - 21:52 | 1640486 HardwoodAg
HardwoodAg's picture

be-moan

Tue, 09/06/2011 - 18:06 | 1639738 OpenEyes
OpenEyes's picture

Women and children first!

 

Tue, 09/06/2011 - 18:07 | 1639740 RobotTrader
RobotTrader's picture

BAC's problems in California is giant branches inherited from Security Pacific.  These places are huge, with vacant office space and unused lobby space all over the place.  Bulletproof glass on a teller line that has 16 stations and only 4 tellers. They need to close all these huge branches built in the 1960's and 1970's and layoff all those employees that work in these giant compounds.

But, on the other hand, JPM is building brand new, state of the art branches all over L.A. but they are modern, much smaller, and apparently they make $1 million/yr. on each new location here within 12 months.

Tue, 09/06/2011 - 18:45 | 1639899 SwingForce
SwingForce's picture

How is that possible?

Tue, 09/06/2011 - 18:49 | 1639912 lizzy36
lizzy36's picture

Because they also warehousing gold and silver at those state of the art locations....duh.

Tue, 09/06/2011 - 19:12 | 1639974 Pure Evil
Pure Evil's picture

Probably selling crack and pimpin' out whores in the back.

Tue, 09/06/2011 - 19:26 | 1640019 Ahmeexnal
Ahmeexnal's picture

Pure Evil has the correct answer.

Tue, 09/06/2011 - 21:17 | 1640390 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

More likely they're out back SMOKIN' the crack...They don't have the sense left to stay out of the stash.

Tue, 09/06/2011 - 22:48 | 1640668 rcintc
rcintc's picture

No safety deposit boxes in the new branches...not cost effective.

Tue, 09/06/2011 - 22:41 | 1640654 Dave Thomas
Dave Thomas's picture

The new Chase banks probably have less of a startup cost than a Taco Bell, they are about the same size. But instead of serving you taco meat that looks like it came from a babies diaper, they hammer their customers a myriad of fees, fees, and more fees.

 

That's how those little roachy places clear 1 mil a year.

Tue, 09/06/2011 - 22:49 | 1640671 pods
pods's picture

Pretty simple to make money like that:

Create money out of thin air and lend it at interest.  

pods

Tue, 09/06/2011 - 22:48 | 1640665 QQQBall
QQQBall's picture

Yeah and when did they do that deal;  like 1989 or early 1990s and those branches are BAC's problem in California?  BAC's main problem is that they have ugly tellers. Seriously though, those branches generally came with some dirt, but the 12,000 SF SPNB branches with 50% improved mezzanine are not functional, they should have been sold during the boom.  Chase is definitely in expansion mode, but its odd its new construction as there are bound to be a bunch of branches coming available.

 

IF you want a lesson in biz culture - look at the USB branches and offices and then look at the SDNB branches they got from the FDIC... Some of those SDNB branches are beautiful.... wonder why they went poof!  USB runs a tight ship.

Wed, 09/07/2011 - 04:33 | 1641245 SoCalBusted
SoCalBusted's picture

Local BoA branch here just added bullet proof encasement of all the teller areas.  Getting ready for the run?  WaMu was rather peaceful, but maybe the sheeple are a little more savvy these days.

Tue, 09/06/2011 - 18:08 | 1639741 mynhair
mynhair's picture

She's that bad?  Shouldn't it be 'de-laying'?

How do you do that, anyway?  Have a few I'd like to de-lay!

Tue, 09/06/2011 - 18:24 | 1639798 Pladizow
Pladizow's picture

You are confused with Re-lay!

Tue, 09/06/2011 - 19:59 | 1640133 Rodent Freikorps
Rodent Freikorps's picture

I think he's right.

You can't un-fuck someone.

Tue, 09/06/2011 - 22:09 | 1640547 HardwoodAg
HardwoodAg's picture

lays..like frito and Kenneth's?

Tue, 09/06/2011 - 18:08 | 1639744 TideFighter
TideFighter's picture

Delayering? More like scraping off the jellied scum on a canned ham. Hopefully, there's some real pork down under.

Tue, 09/06/2011 - 18:09 | 1639752 TradingJoe
TradingJoe's picture

Soon Sallie will be darn happy to be out the door when BAC goes down!

Tue, 09/06/2011 - 18:28 | 1639819 IMA5U
IMA5U's picture

Sallie is always darn happy to go down

Tue, 09/06/2011 - 18:11 | 1639757 Misean
Misean's picture

Well, she can spend more time with her family now. If I were a taxpayer teet sucking bankster with such sudden free time, I'd be looking for land in a non-extradition country.

Sat, 08/04/2012 - 23:32 | 1639823 IMA5U
IMA5U's picture

n

Tue, 09/06/2011 - 18:11 | 1639759 TideFighter
TideFighter's picture

Bravo. Get the pussy-cat out the door before the SHTF. She's somebody's favorite go-to gal. 

Tue, 09/06/2011 - 18:30 | 1639833 IMA5U
IMA5U's picture

everyone's favorite pussy or the back door.  and somebody's favorite go-go gal

Tue, 09/06/2011 - 18:12 | 1639760 falak pema
falak pema's picture

Delayering is Mayerling with a Krawcheck who draws her check and leaves the BofA datcha like a jaded MarY Vetsera. Goodbye and good luck. At least she leaves before the Mayerling suicide...not like the real role model...

Tue, 09/06/2011 - 18:12 | 1639761 The Heart
The Heart's picture

Could it be that people are finding out fast who and what the game is all about?

http://zioncrimefactoryresearch.blogspot.com/p/israel-did-911-all-proof....

Tue, 09/06/2011 - 23:47 | 1640772 pods
pods's picture

Been a while since I have looked into the whole 911 thing.  The suitcase Rosetta Stone is the most absurd.

Just goes to show that if you repeat the lie enough people will believe it.

pods

Tue, 09/06/2011 - 18:16 | 1639776 Atlantis Consigliore
Atlantis Consigliore's picture

"Merrills  sold  lock stock barrell,  for 40 cts on the dollar cheap.

 

cheep cheep cheep.....

 

 

Tue, 09/06/2011 - 18:22 | 1639794 bill1102inf
bill1102inf's picture

Y'all had best un short yourselves because when Europe switches over to 'Mark To Fantasy Land' , the world is going to R A L L Y, and gold is, of course, going to reverse.

Tue, 09/06/2011 - 18:26 | 1639803 Pladizow
Pladizow's picture

You forgot to finish with "Sarc Off".

Tue, 09/06/2011 - 18:24 | 1639799 disabledvet
disabledvet's picture

Is she hot? Anywho anyone who's anyone could have seen this coming: Donald Trump announced that he was buyin BofA to follow on with the Buffay. Word is they had The Donald actually do it because, well...who better actually. Nobody can say "your fired" better than him.

Tue, 09/06/2011 - 18:30 | 1639836 Dingleberry
Dingleberry's picture

Hot or not, any chick can make 50k per year plus, if she is PROPERLY MOTIVATED.......it's only a question of inhibitions.

Tue, 09/06/2011 - 18:35 | 1639857 Seasmoke
Seasmoke's picture

thats $150 a day with not many days off......seems a bit high for many of the things i have seen walking (or using a scooter) lately

Tue, 09/06/2011 - 22:17 | 1640578 disabledvet
disabledvet's picture

She's unin...unin...uninhabited you say? Wow. I mean...WOW! Wow.

Tue, 09/06/2011 - 18:31 | 1639839 IMA5U
IMA5U's picture

when in doubt dim the lights.  it turns back time.  then she will look hot.

Tue, 09/06/2011 - 18:58 | 1639936 theinebriatedsot
theinebriatedsot's picture

nah....it's: " the more I drink, the better you look"......

Tue, 09/06/2011 - 19:10 | 1639966 mynhair
mynhair's picture

I always thought it was 'the more you drink, the better I look'.  Isn't that why we buy them drinks?

Tue, 09/06/2011 - 19:17 | 1639986 Pure Evil
Pure Evil's picture

No, that's why you use rohypnol or cloroform, that way they don't care how fat, ugly or smelly you are.

Tue, 09/06/2011 - 21:21 | 1640401 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

So you're sayin' that you wear that shit like cologne?

Wed, 09/07/2011 - 04:14 | 1641232 OldPhart
OldPhart's picture

She could be a pillow case girl.

Tue, 09/06/2011 - 18:57 | 1639935 Below Zero
Below Zero's picture

Hot? She used to be but that old thing called time is catching up with her. A few more years and she will be looking like Mary Shapiro..before her face lift. Regardless of her looks I am confident that Sally will land on her back somewhere with a huge income once again.

Tue, 09/06/2011 - 18:26 | 1639804 Whoa Dammit
Whoa Dammit's picture

Why does Moynihan keep refering to BOA as a "franchise"?

Does he think he's running a freaking MAC Donald's? (McDonald's pronounced in the southern manner).

Tue, 09/06/2011 - 19:03 | 1639947 knukles
knukles's picture

Yew meain laik "Baink ufv Umericuh"?

Tue, 09/06/2011 - 19:45 | 1640079 Whoa Dammit
Whoa Dammit's picture

Having long memories we prefer to call it "That horrid bank that bought C&S, whatever it is that they call themselves these days." :-).

Tue, 09/06/2011 - 19:56 | 1640120 Ahmeexnal
Ahmeexnal's picture

It's a Fed franchise, just like JPig, Citi, and the rest of the lot.

Tue, 09/06/2011 - 22:21 | 1640591 disabledvet
disabledvet's picture

yes. would like a billion dollar margin account with that Big Mac Mr. Robot Trader? It's all the rage. They're called "McMargin accounts" actually and it's why "Greece never had a chance in hell to solve their problems." Wait 'till McMargin goes East!

Tue, 09/06/2011 - 18:27 | 1639813 Dingleberry
Dingleberry's picture

WHERE IS "LITTLE" DICK BOVE NOW?  That fucker is the biggest pumper of this shitty-assed company on TV.  Why he is given air time is anyone's guess.  Does Tyler (or anyone else) know what the over/under is when this piece-o-shit company goes under?????

Tue, 09/06/2011 - 18:32 | 1639844 IMA5U
IMA5U's picture

little dick bove is the pumper of financials.  and a fluffer

Tue, 09/06/2011 - 22:23 | 1640600 disabledvet
disabledvet's picture

That's why i want to get to know her better. I heard Dick and thought "this Nancy girl's good. REALLLLL good."

Tue, 09/06/2011 - 19:12 | 1639975 mynhair
mynhair's picture

but...but...the cash on hand is more than book value!  Or some shit.....

Tue, 09/06/2011 - 18:47 | 1639905 GolfHatesMe
GolfHatesMe's picture

Sally just won the BAC Executive LOTTO Big time!  She will no longer be an insider with the stock still trading.  Sell, Sally, Sell, then take 100% to short it.

Tue, 09/06/2011 - 18:49 | 1639906 SwingForce
SwingForce's picture

Sally's a piece of shit, did nothing. I sat home did nothing, and she made $45 Million more than me, go figure.

Tue, 09/06/2011 - 18:48 | 1639909 tony bonn
tony bonn's picture

these corporate press releases are the most puke laden, feces infested, puss filled doggie bags imaginable.....let's all put on a rubber smile for mr turdblender and pretend we smell roses and lilacs....

Tue, 09/06/2011 - 19:02 | 1639946 Hephasteus
Hephasteus's picture

It's the old clean the purest puss out of the wound and pretend you're curing the corruption. Just be sure to leave behind the stinking rotting ugly ass green and yellow root puss.

Tue, 09/06/2011 - 19:08 | 1639957 bugs_
bugs_'s picture

So Krawcheck is giving us a huge clue about who is going to buy BAC.

She doesn't want to go back to work for citi.

Theres going to be a citiload of synergies from that deal!

Tue, 09/06/2011 - 19:15 | 1639981 digalert
digalert's picture

I bet Citi buys/saves BAC,

Why not?

After all Citi is a standup, solid, reputable institution, isn't it?

Tue, 09/06/2011 - 19:22 | 1639999 Chippewa Partners
Chippewa Partners's picture

She might make a good hire for Warren........she can give advice on his financial holdings.  On second thought, does she really know any more than Becky?

Tue, 09/06/2011 - 19:24 | 1640011 vincent
vincent's picture

Maybe Moynihan means that all of those bank owned homes are "franchises"

Tue, 09/06/2011 - 19:27 | 1640021 Rob Jones
Rob Jones's picture

Sallie Krawcheck. Is she any relation to Johnnie Paycheck?

Tue, 09/06/2011 - 20:00 | 1640128 Astute Investor
Astute Investor's picture

Nope, but she was affectionally known as Sallie Paycheck by all of her admirers.  A self-promotor extraordinaire.  She parlayed a Fortune magazine cover which erroneously proclaimed her as "The Last Honest Analyst", into beaucoup dollars.  Too bad the shareholders at Citi and BoA didn't make out nearly as well.

Tue, 09/06/2011 - 20:28 | 1640170 lizzy36
lizzy36's picture

Yes because the problem at BAC is Wealth Management. That must be it.

Stan O'Neal gets to keep his $200m severance payoff (that was his SEVERENCE ONLY) Angelo Mozillo keeps his and gets his legal bills paid by BAC. But the problem was definitly Sallie.

And the shareholders at Citi, were definitely fucked because of Sallie and not Chuck Prince. That must be it.

Because at Citi she fought with Pandit over reimbursing clients for defective investments distributed by Citi wealth management's brokers and bankers. Pandit said NO and she said goodbye.

BAC dumping Sallie= Sure sign of distress: Fire the competent and honest first.

We all know, no male executive has ever been a "self-promotor extradionaire" and parlayed that into a job amongst his fellow frat brothers, for which he is wholly unqualified right? (See Stan O'Neal and Chuck Prince).

 

Tue, 09/06/2011 - 20:46 | 1640262 Astute Investor
Astute Investor's picture

I didn't junk you for what it's worth.  Self-promotion is gender neutral and there are certainly a larger number of male self-promotors given the demographics on Wall Street.  All of these senior numbnuts get paid like they are generating alpha when in reality it is only highly leveraged beta.

Yes, Krawcheck is not solely to blame for the problems at both Citi and BofA.  However, her tenure as the CFO of Citigroup was an utter debacle because she had ZERO qualifications for the postion (experience in risk management, treasury, funding, MTM, etc. = NONE) at a time when Citigroup needed someone who had deep experience as a senior financial officer within the financial services industry.  I said this when she was promoted to CFO and I would have said the same thing if the individual's name was Sam Krawcheck.

 

 

Tue, 09/06/2011 - 20:52 | 1640303 lizzy36
lizzy36's picture

Okay fair enough.

We defiantely agree on the alpha/leveraged beta thought.

Perhaps some of your disgust should be placed on the Board of Directors (who had ultimate authority to promote her to this position) and in particular X-Treasury Secretary Robert Rubin who took $150m plus from citi shareholders, all the while doing nothing more than encouraging the bank to "lever up".

Tue, 09/06/2011 - 21:09 | 1640363 Astute Investor
Astute Investor's picture

I'm guessing that you and I are more or less on the same page.  I'm not some crazed misogynist.  Sallie is taking a beating from me because she is simply today's special on the menu.  Everyone you referenced, Stan O'Neal, Anthony Mozillo, Robert Rubin, all got paid a lot more than Sallie and are guilty of far more transgressions.  Board of Directors are by and large ineffectual because every member is a "friend" of the CEO and each other.  They abdicated their responsibility to shareholders long ago.

Tue, 09/06/2011 - 21:13 | 1640376 lizzy36
lizzy36's picture

I am guessing we are on the same page as well.

The accountability page. The one that is sadly lacking today.

Nice, when we arrive at the same place :)

 

 

Tue, 09/06/2011 - 22:25 | 1640605 disabledvet
disabledvet's picture

Annnnndddd? You seem to be implying something here. I'm not sure if i should be offended but i do resemble that remark...

Tue, 09/06/2011 - 19:33 | 1640039 gwar5
gwar5's picture

Firing Bitchezz!

 

Tue, 09/06/2011 - 19:34 | 1640041 gwar5
gwar5's picture

Firing Bitchezz!

 

Tue, 09/06/2011 - 19:36 | 1640052 El Gordo
El Gordo's picture

Now if Moynihan could just let that audit department head report to the Audit Committee instead of himself, the word might just get out about what's really going on over there at TBTF.  Critical structural flaw, unless you are Moynihan,

Tue, 09/06/2011 - 20:00 | 1640136 Landrew
Landrew's picture

Buy the puts!

Tue, 09/06/2011 - 20:06 | 1640154 Zeff
Zeff's picture

I wouldn't mind Brian firing himself too.

Tue, 09/06/2011 - 23:31 | 1640739 oogs66
oogs66's picture

never happen since it would be good for the company!

Tue, 09/06/2011 - 20:10 | 1640168 citrine
citrine's picture

It seems that's how BofA is letting the shareholders know that they are in trouble....

Tue, 09/06/2011 - 20:31 | 1640247 Downtoolong
Downtoolong's picture

I couldn’t help but notice how desperately BAC stock struggled to hang on to its seven handle today. Hmm, I wonder who has responsibility for that end of the triple B (Buffett bathtub boost) deal? Finally, they managed to eke it out by a few pennies at the close.

Tue, 09/06/2011 - 20:32 | 1640250 monopoly
monopoly's picture

"Only by streamlining and focusing our resources behind our customers will we truly deliver on the promise of what we have built."

Right. And they built a sack of shit.

Tue, 09/06/2011 - 21:01 | 1640347 LeonardoFibonacci
LeonardoFibonacci's picture

Lots of female execs getting punched in the vagina today.

Tue, 09/06/2011 - 21:08 | 1640366 Deadpool
Deadpool's picture

sallie paycheck never should have risen this far. She is the Russo of finance.

Tue, 09/06/2011 - 21:42 | 1640458 Mister Minsk
Mister Minsk's picture

I'm sure Lady Gaga can run BoA...

Tue, 09/06/2011 - 23:49 | 1640774 Precious
Precious's picture

Warren Buffet will step in and save B of A just as good as he dood it with Solomon Brothers.

Tue, 09/06/2011 - 21:55 | 1640494 williambanzai7
williambanzai7's picture

They are only keeping those who are prepared to piss over the rail of a lifeboat.

Tue, 09/06/2011 - 23:47 | 1640767 Precious
Precious's picture

They fired the head of wealth management.  What does that tell you?  It tells you that anyone with any frigging sense and substantial money already closed their accounts with B of A a couple of years ago.  Since the retail banking trade depends on people who have jobs, obviously B of A is fucked.  No doofus customers are around except working class tools who are sucking their last 400 bucks out of the B of A teller machines every two weeks.

Tue, 09/06/2011 - 22:15 | 1640569 HardwoodAg
Tue, 09/06/2011 - 22:47 | 1640662 Stack Trace
Stack Trace's picture

Maybe she can get one of them shovel ready jobs POTUS is handing out on Thursday and get to work delayering some earth. Or she can have a slumber party with Bartz, get stinking drunk, and go on a whirlwind tour on CNBC giving the staff a hand-job (including Bartiromo) and licking Boves ass in return for all of his puffery.

Tue, 09/06/2011 - 22:56 | 1640680 Yamaha
Yamaha's picture

She was worthless at Smith Barney back in the day under our attorney leader. Merrill never had their act together and she was the answer to our problems.

Funny - it never happened. Now Merrill doesn't love her. I feel so baffle this high paid millionaire. Another job will be in her future.

Tue, 09/06/2011 - 23:14 | 1640702 oogs66
oogs66's picture

she was a joke hire to begin with...so overrated..

Tue, 09/06/2011 - 23:23 | 1640724 poor fella
poor fella's picture

Classic!! - "Implement[ing] our 'New BAC' decisions from among the hundreds of thousands of ideas employees have submitted" - comes down to massive layoffs? (S.O.P.)

The ONE THING that immediatly affects year-end bonuses.

Wow - CEOs sure do 'earn' that sick cash they make. Moynie was set up from the beginning as a major fall guy, surprised they haven't put ALL 'systemic risk' on his shoulders - seeing as how since day one, that dude looks like a deer in headlights, in WAY OVER his head.

Tue, 09/06/2011 - 23:40 | 1640755 Precious
Precious's picture

Wow.  What a bunch of horseshit executive do-nothings under the CEO.  No wonder American can't compete.  You wouldn't see this kind of top layer fat in Japan, China or Korea.  It's simply ridiculous.  These people don't have a clue what it takes to run a business.  No wonder they are such catastrophic failures.  All that matters is their real estate agents, social clubs and the schools they send their stupid kids.  Amazing bunch of phonies.   Sickening.  Pathetic.  Bullshit.

Wed, 09/07/2011 - 00:05 | 1640797 connda
connda's picture

"I am proud of my accomplishments while in various positions at Bank of America, especially the turnaround we are engineering in Consumer and Small Business Banking," blah blah blah blah blah blah.  Blah blah blah.  Blah blah blah, blah blah blah blah blah...

Corporate psycho-babble.  Most companies would function just fine without a CEO and most of the upper-executive staff. 


Wed, 09/07/2011 - 00:26 | 1640864 Jovil
Jovil's picture

John Exter’s inverted pyramid of assets. The idea is that things high on the pyramid are derivatives of asset classes further down the pyramid. See how do your assets compare.

 

http://lonerangersilver.wordpress.com/2011/04/17/john-exter%E2%80%99s-in...

Wed, 09/07/2011 - 01:58 | 1641078 QQQBall
QQQBall's picture

I've been delayered good luck to all going forward... Delayered?

Wed, 09/07/2011 - 05:33 | 1641307 Downtoolong
Downtoolong's picture

"I am pleased with the work the team has done, in particular the strong performance of the business," said Krawcheck. "It has been an honor to lead Bank of America Global Wealth and Investment Management during a challenging time."

Answer: Horse shit drenched in perfume.

The Question: What my computer would smell like while reading the statement above if it had a scratch and sniff screen.

Come on Sallie. Someone of your stature and ginormous comp on Wall Street should at least have the guts (if not the balls) to post on ZH how you really feel. You can remain anonymous if you want to. I recommend a screen name borrowed from one of Kathy Griffin’s shows; “Gurl Down”.

I’m calling you out Krawcheck!

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