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A longtime Credit Suisse exec has joined Bank of America's prime brokerage unit that was forced to be revamped following allegations of sexual misconduct.

Former Credit Suisse exec joins BofA’s scandal-laden prime brokerage unit

A longtime Credit Suisse veteran has joined Bank of America’s prime brokerage business in New York that made headlines earlier this year after its top executive was fired after allegations of sexual misconduct. Robert Salman started at Bank of America as a vice president in September.

Salman joined Bank of America six months after the firm made major changes to the unit that was previously led by Omeed Malik, who was fired for allegedly making advances towards colleagues and having relationships with female subordinates, charges which he denied at the time. The bank then fired two of Malik’s former colleagues who were accused of trying to cover up for their former boss by coordinating stories about his behavior during the investigation, according to the Wall Street Journal. In July, Bank of America agreed to pay Malik an undisclosed multi-million dollar sum to settle claims of defamation. Malik's attorney said the former exec never engaged in any misconduct and that the bank had suppressed evidence showing the accusations weren't credible, according to Bloomberg.

BofA eventually replaced Malik with Kim Stolz, an MD who was previously based in London as head of equity derivatives hedge fund sales in EMEA, and is said to be rebuilding the culture with some fresh blood.

Earlier this year, Credit Suisse made significant cuts to its U.S. prime brokerage unit, letting go as many as 20 executives, many of whom were very senior. Salman’s name wasn’t included in the list of departing bankers that we reported on back in March, though his LinkedIn profile notes that he took an eight month break before joining Bank of America. Salman had been with Credit Suisse for over 20 years.

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AUTHORBeecher Tuttle US Editor
  • An
    Anonymous
    5 October 2018

    Malik accused HR at BoA of sexually harassing him by making sexual accusations against him and of covering up inappropriate behaviour by senior management. A settlement was reached between Malik and Bank of America. So it wasn't just the prime brokerage unit which was 'scandal-laden' by the episode, but the HR department and the wider bank.

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