Southpaw: Bank of America without bankers — an open cheque book and no business

To lose one managing director barely counts as a trifle — but to lose 20 in little more than three months should set alarm bells ringing, writes David Rothnie. But with Bank of America’s top management apparently unconcerned by the departures of their top, former Merrill Lynch rainmakers in Europe, the question on the minds of those that remain is whether their firm has already abandoned the aim of building an investment bank capable of competing with the best.