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Top Strategist at Bank of America Is Replaced 3 Days After he Called for S&P 1450

David Bianco, head of U.S. equity strategy at Bank of America Merrill Lynch
Daniel Acker | Bloomberg | Getty Images
David Bianco, head of U.S. equity strategy at Bank of America Merrill Lynch

Interesting.

David Bianco, the top equity strategist at Bank of America , has been replaced one day after calling for the S&P 1450, in an uber-bullish research report that was widely panned by anyone.

According to Bloomberg, it's not clear if he was fired or whether he resigned, and the bank wouldn't say.

New strategist Savita Subramanian came to the firm in 2009 from UBS.

A spokeswoman for the bank, Susan McCabe, says Bianco's departure had nothing to do with his "S&P 1450!" call. Rather, she says, the firm decided to combine its quantitative and fundamental strategy teams into a single lead strategist position. David Bianco lost out.

Here's our recap of Bianco's note.

This story originally appeared on Business Insider

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