Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, December 13, 2012

BAML hires RenCap veteran to head Russia ops, (NYSE: BAC)

Bank of America Merrill Lynch has hired a former top executive at Renaissance Capital to head its Moscow operation, beefing up its presence as competition from state-owned rivals forces some Western banks to retreat from Russia.Alexander Pertsovsky will also join BAML's executive committee covering Europe and the emerging markets, excluding Asia, the business group's president, Alex Wilmot-Sitwell, said in an internal memo to staff on Thursday.The high-profile move follows the takeover of Renaissance Capital, the Russia-focused investment bank founded by New Zealander Stephen Jennings, by billionaire Russian politician Mikhail Prokhorov's investment firm Onexim.Some Western banks are reducing their presence in Russia, with Credit Suisse recently announcing that it would shift some investment banking advisory staff from Moscow to London as part of a broader cost-cutting drive.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 0.71% or $-0.075/share to $10.54. In the past year, the shares have traded as low as $4.92 and as high as $10.71. On average, 156458000 shares of BAC exchange hands on a given day and today's volume is recorded at 62700684.