BofA Prime Brokerage Chief Quits

Oct 30 2007 | 6:04pm ET

The global head of prime brokerage at Banc of America Securities has resigned his post, FINalternatives has learned. A woman at the firm’s New York offices confirmed that Christopher Pesce is no longer at BofA, but could not provide further details. A source with knowledge of the situation said that Pesce, who was a managing director, quit on Monday night.

The firm’s press office did not immediately return calls for comment.

The move follows last week’s announcement that corporate parent Bank of America plans to soon eliminate 3,000 jobs and begin a strategic review of its investment banking unit. Meanwhile, long-time Banc of America Securities Chief Gene Taylor announced his retirement last week and is being replaced by Brian Moynihan, previously head of the bank's global wealth and investment management business.

As for Pesce, he joined BofA from Goldman Sachs in July 2002 with a mandate to extend its prime brokerage operations beyond equities. The move followed the resignation of Stephan Vermut, who had steered the prime brokerage effort at the firm for eight years as president and CEO.

Within months of his hiring, Pesce made several key hires, bringing on talent from Merrill Lynch, Lehman Brothers and Goldman Sachs. But the unit has recently suffered some turnover, with six top executives—including former chief operating officer Glen Dailey—leaving last February to manage an expanded prime brokerage unit at New York-based investment bank Jefferies Group.

BofA currently has over 500 prime brokerage clients.

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