Bank of America Corp. is hiring Will Abbott, former co-head of equities at Renaissance Capital, as the U.S. bank rebuilds its Russian business, according to two people with knowledge of the matter.
Abbott will rejoin Alexander Pertsovsky, a former head of RenCap and parent Renaissance Group who started this month as chief executive officer for Bank of America Merrill Lynch in Russia. Abbott may be appointed head of equities, said the people, who asked not to be named because the information hasn’t been made public. Abbott, who also previously worked at Deutsche Bank AG in Moscow, declined to comment by mobile phone. Bank of America’s Moscow press service declined to immediately comment.
The U.S. bank, based in Charlotte, North Carolina, cut staff in sales and trading last year as competition from foreign and Russian state banks intensified in Moscow. Its head of equity trading in Moscow, Pavel Naumenko, left the firm in May, six weeks after three other sales traders departed the Russian business, according to two people with knowledge of the matter. It slipped to 11th last year in arranging equity deals from third in 2011, according to data compiled by Bloomberg.
Former Band of America Merrill Lynch Russia head Konstantin Korishchenko quit in August after two years to lead the board of OAO AKB Investbank. Korishchenko, who previously worked as chairman of the Moscow Exchange, had replaced Bernie Sucher in October 2010.