BofA Promotes Simpson To Prime Brokerage Chief

Jul 25 2014 | 9:35am ET

Bank of America has named a replacement for Stuart Hendel as head of its prime-brokerage business.

Paul Simpson will lead the unit, BofA said in an internal memorandum. Currently the bank’s head of global transactions, Simpson will retain some responsibilities from that post, including for global custody and agency services.

Simpson has been with BofA for three years. He formerly worked at Citigroup and JPMorgan Chase.

Hendel left BofA in May amidst a disagreement with global equities chief Fabrizio Gallo over whether the bank should be moving to expand the prime brokerage. Gallo remains in charge of prime brokerage, with Simpson reporting both to him and to global fixed-income head David Sobotka.

Three top BofA prime brokerage executives also left the bank at about the same time as Hendel, the former prime-brokerage chief at UBS.


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