Fabrizio Gallo, global head of equities at Bank of America Merrill Lynch, is no longer a director at the bank’s European subsidiary.
According to a filing with Companies House, Gallo was terminated as a director at Merrill Lynch International on January 21st.
This followed reports last year that he was transferring to New York City, where he’s now based with BAML. Gallo is still registered with the bank in London on the FCA Register, however.
Gallo, who has previously head of proprietary trading at Morgan Stanley in Europe, hired plenty of ex-Morgan Stanley people to his team at BAML. He’s at the centre of a scandal surrounding dividend arbitrage trades designed to mitigate taxation. Earlier this month, the Wall Street Journal reported that ‘Bank of America..is still grappling with internal dissent and client disputes related to the group.’
Last year, global equities sales and trading revenues at Bank of America rose by 6%, compared to a 46% increase at Goldman Sachs.
Bank of America declined to comment.