Bank of America Corp. (BAC)’s global prime brokerage head, Stuart Hendel, is leaving the company, according to a person with direct knowledge of the move.
Hendel, 55, agreed to remain until May, said the person, who asked not to be identified because the move hasn’t been announced publicly. The bank, the second-biggest in the U.S., will disclose a replacement in coming weeks, the person said.
Wall Street firms provide prime brokerage services including securities lending and cash management to hedge funds and other institutional investors. Bank of America’s investment bank and trading divisions are run by co-Chief Operating Officer Thomas Montag, 57.
Hendel joined Charlotte, North Carolina-based Bank of America from UBS AG in June 2011 and previously held positions at Morgan Stanley and Eton Park Capital Management LP. His planned departure was reported earlier today by the Wall Street Journal. Hendel didn’t immediately return a call seeking comment.
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