- Abbott joined Bank of America in 2013 from Renaissance Capital
- Investment-banking fees in Russia are at a 16-year low
Bank of America Corp.’s Will Abbott, head of equities for Russia, stepped down after three years at the lender, according to two people familiar with his departure.
Abbott, who joined the bank in 2013 from Renaissance Capital, is moving to a role outside investment banking, according to one person, who asked not to identified because the information is private.
Several senior bankers including Sberbank PJSC head of equities Nicholas Harwood and UBS Group AG Russia Chairman Rair Simonyan have departed in recent months as Russia faces a second year of recession. Foreign banks including Deutsche Bank AG, Royal Bank of Scotland Group Plc and Barclays Plc are curtailing operations in the country, where investment-banking fees dropped to the lowest since 2000 in the first quarter, according to Freeman & Co.
Officials for Bank of America didn’t immediately return calls seeking comment.