Three BofA bankers in India leave amid probe into stock sale, source says
Nov 22 (Reuters) - Three Bank of America BAC.N investment bankers in India have left the company as it probesallegations of wrongdoing over stock sales, a source familiar with the matter said.
The departures were first reported by the Financial Times.
A whistleblower complaint alleged that Bank of America shared non-public information with some investors before it sold roughly $200 million worth of stock for some clients in India, according to a Wall Street Journal report in September.
The bank is carrying out an internal investigation, according to the source, who declined to be identified when discussing personnel matters.
In September, BofA said it takes complaints seriously and thoroughly investigates them.
Reporting by Saeed Azhar, editing by Lananh Nguyen and Marguerita Choy
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
