Bank of America Corp. dismissed Steven Milunovich and two other energy analysts as the lender seeks to trim expenses in its investment bank, said two people with knowledge of the moves.
Peter Christiansen and Gilbert Yang also lost jobs in the past week at the Charlotte, North Carolina-based firm, said the people, who requested anonymity because the moves are private.
Wall Street firms are reducing staff and pay to align costs with lower revenue from trading and underwriting. More staff cuts are coming as part of Chief Executive Officer Brian T. Moynihan's efficiency plan, which he said would be completed in April and may target as much as $8 billion in annual savings.
Milunovich, a managing director, and Christiansen covered alternative energy for Bank of America, and Yang followed oil- and-gas exploration and production. Remaining analysts will take over their responsibilities, one of the people said. Joseph Osha, who writes about the solar industry, will cover more clean-energy firms, and Doug Leggate, who follows oil refiners, will take over Yang's companies, the person said.
Milunovich, Christiansen and Yang didn't immediately return e-mail and phone messages left at their offices. Calls to residential phone numbers listed in Milunovich's and Yang's names weren't answered. A woman who answered a listing matching Christiansen's name said it was the wrong number.
