Bank of America Corp.'s securities unit fired Andrew Susser, a top-ranked analyst and the head of its high-yield bond research group, after his face appeared superimposed on a woman's body in a report sent to customers.
A front-page photograph on the 56-page report about the lodging industry was doctored to make it appear as if Mr. Susser were wearing a black dress and high heels and getting carried over the threshold of a hotel suite by another man.
Mr. Susser, who covered the lodging and gambling industries from New York, approved the report, according to people familiar with the matter, who declined to be identified.
Last year Banc of America Securities LLC won high-yield underwriting deals from companies Mr. Susser covered, including part of a $1.3 billion sale for a unit of the casino company Wynn Resorts Ltd. and half of MGM Mirage Inc.'s $550 million offering.
Mr. Susser, 39, would not comment when reached at his home in New York. Jeff Hershberger, a Banc of America Securities spokesman, would not discuss the reasons for the firing.
B of A named Larry Bland to succeed Mr. Susser as the head of high-yield research. Mr. Bland has been running B of A's high-yield research on health-care companies.
