BoA hire head of capital introductions
Bank of America (BoA) has hired Michael Terry as global head of capital introductions.
Based in New York and reporting to Jon Yalmokas, head of US prime brokerage sales, Mr Terry is tasked with expanding the group’s hedge fund presence while helping clients navigate today’s complex investor landscape.
He joins from Oakpoint Advisors, having been a founding member of the firm, which provides services to alternative asset managers.
Previously Mr Terry worked for Morgan Stanley as head of North American capital introductions.
The appointment comes as BoA continues to delayer is top management having recently installed David Darnell and Tom Montag to the newly-created positions of co-chief operating officers, accountable for all of the company’s operating units.
In addition, reports of 40,000 job losses have emerged, as America’s biggest bank draws up plans for a further cost-cutting exercise.
According to the Wall Street Journal, the numbers have yet to be finalised and a head count reduction on this scale is likely to take place over years.
The group remains hamstrung following its acquisitions of Mrerrill Lynch and mortgage lender, Countrywide, at the height of the financial crisis.
BoA posted a net loss of $8.8 billion in the second quarter of 2011, having taken a massive $20.7 billion pre-tax hit on mortgage-related issues.