Bloomberg News

BofA’s Rubinoff Said to Quit After Losing Role

April 24, 2012

The Bank of America Corp. logo is displayed in front of a branch in Galveston, Texas, U.S. Photographer: Scott Eells/Bloomberg

The Bank of America Corp. logo is displayed in front of a branch in Galveston, Texas, U.S. Photographer: Scott Eells/Bloomberg

Bank of America Corp. (BAC:US)’s Michael Rubinoff quit after losing his role earlier this year as co-head of global corporate and investment banking, according to two people with knowledge of the decision.

Rubinoff stepped down this week as chairman of that business, said the people, declining to be identified because the move hasn’t been announced. He didn’t respond to messages left at his Bank of America office, and John Yiannacopoulos, a company spokesman, declined to comment.

Rubinoff joins a growing number of senior executives to leave the company’s investment bank, which is led by co-Chief Operating Officer Thomas K. Montag. Andrea Orcel, the division’s chairman and a top dealmaker, and James Forbes, who oversaw $30 billion in the bank’s principal investments, joined UBS AG in the past month. Jonathan Moulds, president of Europe and emerging markets, is retiring in June.

Christian Meissner was named sole leader of global corporate and investment banking in January, less than a year after he, Rubinoff and Paul Donofrio were appointed to co-head that unit. Montag shook up the division after the broader investment bank, including trading, posted an annual profit that plunged by half to $2.97 billion in 2011 as Europe’s sovereign- debt crisis roiled markets.

Deepening Relationships

At the time, Rubinoff, 49, was given the chairman title along with Purna Saggurti, and was made responsible for deepening relationships with chief executive officers and directors of large corporations. Bank of America has worked on Safra Group’s agreement to pay more than 1 billion Swiss francs ($1.1 billion) for a controlling stake in wealth manager Bank Sarasin & Cie. AG (BSAN), according to data compiled by Bloomberg.

Rubinoff said he plans to work for the Safra family, according to the people. Safra Group controls Brazil’s Banco Safra SA and is led by Joseph Safra, the world’s 52nd-richest person, according to Forbes magazine. Robert Siegfried, a spokesman for Sao Paulo-based Banco Safra, declined to comment.

In a memo to employees, Montag called Rubinoff an “accomplished” banker to some of the world’s largest financial firms who helped Bank of America strengthen its capital level through asset sales.

Orcel, who will serve as co-head of UBS’s investment bank, joined Merrill Lynch & Co. in 1992. He was among the biggest dealmakers when the firm was independent, leading the team that helped Royal Bank of Scotland Group Plc buy ABN Amro Holding NV in 2008 in the biggest banking takeover. Orcel was named chairman of global banking and markets after Bank of America acquired Merrill Lynch in 2009.

To contact the reporters on this story: Cristina Alesci in New York at calesci2@bloomberg.net; Hugh Son in New York at hson1@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $16.26 USD
    • 0.05
    • 0.31%
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