Bank of America Corp., the second largest U.S. lender, named Paul Simpson chief of its prime brokerage after Stuart Hendel left earlier this year.
Simpson, 47, was formerly head of the Charlotte, North Carolina-based bank’s global transaction services business, according to an internal announcement sent today. John Yiannacopoulos, a company spokesman, confirmed the memo’s contents.
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.
Simpson will report to global equities head Fabrizio Gallo and David Sobotka for products including futures and options, over-the-counter clearing and foreign-exchange prime brokerage, according to the memo. Simpson joined Bank of America three years ago from Citigroup Inc. and previously had treasury services positions at JPMorgan Chase & Co.
Simpson retains some responsibilities of his former role, including leading global custody and agency services, according to the announcement. Paul Donofrio, head of global corporate credit and transaction banking, is assuming management of global transaction services. Simpson’s appointment was reported earlier today by the Wall Street Journal.