Monuhar Ullah to Leave Bank of America
November 27 2015 - 1:50PM
Dow Jones News
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
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(END) Dow Jones Newswires
November 27, 2015 13:35 ET (18:35 GMT)
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