Election whale trade “” Bank of America equities shakeup “” Charles Schwab layoffs

Election whale trade “” Bank of America equities shakeup “” Charles Schwab layoffs

Good morning!

Investors have been spooked all week. Amid another uptick in coronavirus cases and stalled efforts at economic stimulus, US stock indexes notched their biggest weekly drop since March.

But as Alex Morrell reported yesterday, monster derivatives trades executed amid the selloff stand to make a killing depending on how markets react to US election results. 

"They're as specific as you can get for a definitive election trade," Henry Schwartz, head of product intelligence at Cboe Global Markets, told Business Insider. 

You can read the full story here:

Traders are buzzing about a mysterious market whale that's placing massive bets on stocks skyrocketing post-election

There was also plenty of fresh news on people moves in Bank of America's equity-trading division this week. Here's a recap:

An internal memo on Friday said Fabrizio Gallo is