We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.31 | 0.79% | 39.56 | 39.715 | 39.11 | 39.39 | 39,599,741 | 00:27:45 |
By Jenny Strasburg
LONDON--A senior manager who helped oversee controversial tax-focused trading strategies in Bank of America Corp.'s equities division is leaving the bank.
Monuhar Ullah, who joined Bank of America in 2008 from Barclays PLC, was the most senior London-based executive of the group that until recently was called Structured Equity Finance and Trading. That unit has generated hundreds of millions of dollars in revenue for the U.S. lender, arranging specialized trades that helped clients reduce withholding taxes on stock dividends, according to internal documents reviewed by The Wall Street Journal.
SEFT was dismantled in a recent reorganization of the equities division, according to people familiar with the bank. Besides doing tax-focused trades--a large chunk of its business--SEFT helped clients including other large banks and corporations obtain margin loans and finance their stockholdings using derivatives, according to the people and documents.
Mr. Ullah, a managing director, advised on tax-related aspects of a range of stock-trading and investment strategies, according to internal documents and people familiar with the business. His departure is tied to continuing restructuring moves that haven't yet been announced, one of the people said.
Mr. Ullah declined to comment when reached on his mobile phone on Friday. A Bank of America spokesman confirmed his departure.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
Access Investor Kit for "Barclays Plc"
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0031348658
Access Investor Kit for "Barclays Plc"
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US06738E2046
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 27, 2015 13:22 ET (18:22 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
1 Year Bank of America Chart |
1 Month Bank of America Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions