Bank of America Executive Departs After Misconduct Claim

Bank of America Executive Departs After Misconduct Claim


The young woman, who is employed by Bank of America as an analyst, complained about Mr. Malik within the past several weeks, said the people briefed on the investigation, who were not authorized to speak publicly. The bank then opened an investigation. Officials from human resources interviewed as many as a dozen people who have worked with Mr. Malik. He left roughly two weeks before annual bonuses were to be handed out.

A bank spokesman confirmed that Mr. Malik no longer worked at Bank of America.

Some Bank of America executives told employees to tell clients that Mr. Malik had left the bank to pursue other career opportunities, two bank employees said.

Those employees said women were upset after Reuters reported on Thursday that Mr. Malik had left the bank and was preparing to start an advisory firm for hedge funds, without mentioning the circumstances of his departure.

On Wall Street, Mr. Malik was known as a charismatic figure with close ties to the hedge fund world.

His renown grew in part because of his attendance at prominent hedge fund conferences. He also threw splashy parties, including a birthday party for himself that featured a number of celebrities — photos of which were posted online by several well-known celebrity photographers.

His close ties to Mr. Corzine were forged while Mr. Malik worked at MF Global, the big commodities trading firm that collapsed in bankruptcy under Mr. Corzine’s leadership. Last year, Mr. Corzine sought to return to Wall Street with a hedge fund that Mr. Malik helped promote.

Allegations of sexual harassment and discrimination have cropped up at Bank of America in the past. Two years ago, it reached a settlement with a female managing director in its fixed income group who had filed a lawsuit claiming the bank fostered a “bros’ club” culture, mistreated female employees and paid them less than men in comparable jobs. The terms of that settlement were not disclosed.



Source link

About The Author

Momizat Team specialize in designing WordPress themes ... Momizat Team specialize in designing WordPress themes

Related posts

Leave a Reply