Arenas, 48, will be based in Madrid and start in May after leaving Morgan Stanley, where he started working in 1991, Bank of America executives including Alex Wilmot-Sitwell, president of European and emerging markets excluding Asia, said in a memo to employees. The contents of the memo were confirmed by a Bank of America spokeswoman in London today.
Arenas replaces Ricardo Paz, who will continue to run sales and trading in Iberia, Bank of America said.
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