"It's ugly, but it's orderly," said Matt DeSalvo, head of equity sales trading at Credit Suisse.
As Natasha Lamb, head of equity research at Arjuna, puts it, "Shareholder value is at stake.
"The market feels pretty ugly," said Bill Schneider, head of equity block trading at UBS Warburg.
Mark Hantho has joined Banc of America Securities as a managing director and global head of equity capital markets.
Sandy's career began at Paine Webber, where he advanced to Partner and Head of Equity and Derivative Trading.
"We see a flight to safety," said Helge Rechberger, head of equity market research at Raiffeisen Zentralbank in Vienna.
Mr. Sandelman, 44, was global head of equity derivatives at Salomon Brothers before joining the Bank of America in 1998.
"This big buyback is concrete and real," said Owen Fitzpatrick, head of equity trading at Deutsche Bank Private Wealth Management.
Steve Clayton, head of equity research at Hargreaves Lansdown, said the trading update was "a dispiriting affair".
