Bank of America Hires Morgan Stanley’s Arenas in Spain, Portugal

Bank of America Corp. hired former Morgan Stanley banker Joaquin Arenas as head of corporate and investment banking for Spain and Portugal.

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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