Banc of America Securities has released at least two senior investment-grade salesmen and one trader, according to a high-grade executive at the firm. Tim Gordon, a trader, and Lou Russo, a salesman, were both managing directors in the firm's New York office. Gordon was one of the first traders of crossover credits on Wall Street, and already had offers from four or five firms soon after he was let go, say traders at rival firms. Russo was head of sales at B of A earlier in his career. Butch White, a salesman who was based in Charlotte and who had over 20 years experience, was also let go. One other senior person was released from the high-grade group, according to the executive, who declined to name the person. Gordon, White and Russo could not be reached. Calls to Jim Kelligrew, head of investment-grade fixed-income, were referred to Tara Burke, a spokeswoman, who declined to comment.
B Of A Releases Senior I-Grade Salesmen, Trader