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Friday, March 8, 2013

Bank of America expands venture group with Goldman hire -memo, (NYSE: BAC)

Bank of America Merrill Lynch has hired former Goldman Sachs banking veteran Frank L. Walters to head up its venture coverage group, according to a memo obtained by Reuters. Walters, who is known as "Buz," will also become vice chairman of global investment banking when he joins Bank of America later this year, the memo said. He will be based in Palo Alto, California and report to Chet Bozdog, global head of technology investment banking.A spokeswoman for Bank of America confirmed the contents of the memo.Prior to his eight-year tenure at Goldman Sachs where Walters also led the bank's venture coverage group, he headed up the same group at Deutsche Bank Alex Brown.An expert in venture capital, Walters has a long track-record working on mergers and acquisitions and initial public offerings in the venture community, including transactions with Accel Partners, Andreessen Horowitz, Benchmark Capital, Bessemer Venture Partners among other names.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.67% or $-0.205/share to $12.06. In the past year, the shares have traded as low as $6.72 and as high as $12.42. On average, 164484992 shares of BAC exchange hands on a given day and today's volume is recorded at 104520136.