Monuhar Ullah to Leave Bank of America

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 [e-mail]

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(END) Dow Jones Newswires

November 27, 2015 13:35 ET (18:35 GMT)

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