Bank of America is facing a revolt among current and recently fired employees over compensation.
Some employees who were recently let go are considering legal action against the bank after getting just two weeks severance pay. Also, people still there--including many big producers--are upset that the bank is deferring the cash portion of their annual bonuses for 12 to 15 months.
The highly unusual move reflects Bank of America's efforts to conserve cash. But according to people inside the company, CEO Ken Lewis also may be looking to close down the investment bank in a few months.
A spokesman for Bank of America said Lewis recently stated that despite the cuts he still is committed to having an investment banking business.