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Diego De Giorgi has assumed the position of the head of global investment banking at Bank of America Merrill Lynch as Karim Assef, bank’s prior co-head, has taken on a chairman role.
De Giorgi and Assef were appointed to the newly created posts of global investment banking at the Wall Street firm in April 2015, with De Giorgi based in London and Assef in New York.
De Giorgi, who before joining Merrill Lynch was holding a position of a co-head of the lender’s Europe, Middle East and Africa corporate and investment banking at Goldman Sachs, is expected to remain in London.
Assef, who has been staying devoted to the bank for 20 years, will assume the role of the chairman of global investment banking, a newly created position focusing on customer relationships based in New York.
A spokeswoman for Bank of America confirmed that information.
Bank of America, the second biggest U.S. bank by assets, reported its first profit increase in three quarters, spoiling expectations for another decline, as bond trading surged and expenses dropped.
Income from investment banking increased by 13.3% to $1.46 billion, driven by higher debt and equity issuance activity.
It all is happening at the same time as FINRA charges Merrill Lynch for $2.8 million due to continuous violations in record-keeping and the way firm reported trades and order audit trail system data.
Amongst the allegations are trade and order audit data that brokerages submit to FINRA, which the regulator uses to trace possible market manipulation.
Merrill Lynch has neither confessed nor denied the charges, but agreed to pay the fine.
FINRA made an accusation stating that Merrill Lynch submitted millions of inaccurate trades, inaccurate or incomplete order events and audit data, and several million orders it just did not need to submit.
Regulatory documents suggest that the misleading data in reports occurred because of a system configuration error, which affected hundreds of millions of trades, orders and accounts from 2010 to 2015.
Bill Halldin, the Bank of America spokesman, stated that the firm has been “working with regulators to improve our processes and systems to address these issues.”
“A critical component of market integrity is the ability … to rely on the accuracy of information reported by broker-dealers,” FINRA head of market regulation Thomas Gira said.
FINRA stated that a $1.45 million fine is one of the highest fines for that type of violation handed down this year.