Bank of America Merrill Lynch is shifting three of its most senior UK-based bankers to Paris, as part of Brexit reorganisation plans aimed at ensuring “seamless” service to its European Union clients after Britain quits the bloc in March.
Bank of America is one of the largest fully integrated financial services companies in the world.
The Securities and Exchange Commission Tuesday charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty.
Bank of America has hired Morgan Stanley veteran Bernard Mourad, who recently worked as an adviser to French President Emmanuel Macron, as its new head of corporate and investment banking for France, three sources familiar with the matter told Reuters.
The Securities and Exchange Commission Tuesday announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million.
Bank of America is looking to move more jobs than originally envisaged to its new Paris office, in what is expected to be one of the biggest such shifts from London ahead of Brexit, two sources familiar with the matter said.
Merrill Lynch cheated a local female high roller out of at least $1 million in commissions, according to a gender discrimination lawsuit filed recently.
The bank noted that the policy announced in April was "on a go-forward basis" and that the Remington deal began in March.
UBS has poached star investment banker Marco Illy from arch rival Credit Suisse.
Bank of America appointed Nancy Fahmy to head its combined alternative investments and specialty asset management group.
Bank of America will relocate up to 125 jobs from Britain mostly to Ireland as it prepares for Britain’s exit from the European Union, according to a corporate filing.
Bank of America has hired former Credit Suisse executive Pankil Patel to lead electronic trading services in the Americas, according to a person with knowledge of the matter.
Bank of America Merrill Lynch has hired Marcus Hiseman from Morgan Stanley as head of corporate debt capital markets for Europe, Middle East and Africa (EMEA), according to an internal memo seen by Reuters on Monday.
Barclays said on Thursday it hired Riaz Ladhabhoy, an investment banker from Deutsche Bank to be the co-head of internet banking in the Americas, a move that comes ahead of a wave of IPOs expected in the sector this year.
Bank of America is hiring Will Abbott, former co-head of equities at Renaissance Capital, as the U.S. bank rebuilds its Russian business, according to two people with knowledge of the matter.
Bank of America Merrill Lynch said Burri Rao-Kathi, its head of Americas equity-linked capital markets, has decided to leave the company and named Shiv Vasisht in the role.
Citi Chairman Richard Parsons is said to be considering standing down, and is expected to reach a decision in the next few weeks.
Some you win....
Bank of America awarded CEO Brian T. Moynihan $20 million for his work last year, raising his compensation 25%, while Citigroup cut CEO Mike Corbat’s by 6.1% to $15.5 million.
Bank of America's better-than-expected earnings report was driven by a strong performance from its consumer-banking business and lower taxes.
Moynihan is the latest bank CEO to disclose a pay raise for 2018. Bank of America benefited last year from the corporate tax cut, rising interest rates and Moynihan's efforts to cut costs.
Bank of America is loosening the reins on its investment bankers.
Deutsche Bank and Bank of America have been contacted by U.S. criminal investigators for information about transactions they handled for a small bank branch in Estonia that’s at the center of one of the biggest money-laundering investigations in history, according to two people familiar with the matter.
Bank of America has spent $300 million to $400 million getting ready for a potential hard Brexit, CEO Brian Moynihan said.