Besides Bank of Americas director of mutual funds, Robert Gordon, as many as 11 others have been dismissed from the bank in the wake New York Attorney General Eliot Spitzers probe into fund trades and Canary Capital Partners, Reuters reports. Broker Mike Tierney and sales supervisor Kathy Tubiolo are among the latest to be canned. The news comes on top of last weeks dismissal of Theodore Sihpol, a broker who worked in BoAs New York office for high-net-worth clients and who allegedly placed market-timing trades for Canary, and his supervisor, Charles Bryceland. Bryceland was in charge of the banks New York brokerage and private banking.
Sihpol, Bryceland and Gordon were named in the attorney generals complaint along with Rich DeMartini, head of asset management. DeMartini reportedly has not lost his job.
The bank is "trying to [make] sure their reputation isnt sullied, certainly moving quickly to deal with the people they thought were involved," Bob Maneri, an analyst with Victory Capital Management, which hold shares in Bank of America through its mutual funds, told Reuters. The banks internal probe of the matter is continuing, said BoA spokesman Bob Sickler, hinting that others might lose their jobs as well.