Did Bank of America Corp (NYSE:BAC) hide information?
Mr. Wilmot-Sitwel is currently the president of Bank of America Corp (NYSE:BAC) Merrill Lynch for the Middle East, Europe and Africa. He was formerly a UBS executive and in January told British lawmakers that he does not recall the bank taking any efforts to retain Tom Hayes, a star trader.
The latter has been accused as being the key figure in some alleged efforts to rig the benchmark interest rates. He said that he does not remember Hayes at all and that he had never met him before. He went on to say that Hayes may have even left the organization before he joined the investment bank as its co-head.
However, what has now emerged is that Mr. Wilmot-Sitwel was one of the persons who received the emails regarding Hayes. In the emails, Sitwel had been asked to help in retaining Hayes and prevent him from moving to Citigroup. This information has dragged the Bank of America Corp (NYSE:BAC) Merrill Lynch president into the limelight. He now faces a great deal of flak from a British lawmaker who is insinuating that the preliminary testimony given by the executive was misleading.
In Tuesday’s trading session, Bank of America Corp (NYSE:BAC) stock dropped 0.35%. The shares opened at a price of $14.18 which rose to an intraday high of $14.25 and dipped to a close of $14.09. Approximately 96.91 million shares were traded on Tuesday and an average volume of 85.51 million shares were traded over 30 days. The 52-week low of the shares is $8.70 and the 52-week high is $15.03. The company has a market cap of $151.37 billion.
Bank of America Corp (NYSE:BAC) is a bank holding company. It is also a financial-holding company. It serves SMB’s, individual consumers, governments as well as corporations with the variety of asset management, banking, investing and other financial and risk-management services and products.