Stephen Ketchum, global head of the media group at Bank of America, has become the latest casualty of the bank's job cuts across the board following a $2.3bn (€1.5bn) loss from investment banking in the third quarter.

Bank of America made a loss of $2.3bn (€1.5bn) in its corporate and investment bank in the third quarter as a result of the credit crisis. Last week the company said it will cut 3,000 jobs, approximately 500 of which are expected to come from the global corporate and investment bank, the majority in global markets.