Wednesday, March 2, 2011

BofA (BAC) Nabs Citi's (C) Simpson to Head Up Global Treasury Solutions

Bank of America Corp. (NYSE:BAC) was able to lure Paul Simpson away from Citigroup Inc. (NYSE:C) by offering him a newly created position as head of Global Treasury Solutions, according to the Wall Street Jounal.

The article said "Simpson will work closely with executives within Bank of America who cover commercial, corporate, and investment banking to provide cash management services to large corporate and middle-market clients."

Simpson came to Citigroup from JPMorgan (NYSE:JPM) in 2007, and headed up the treasury and trade solutions business within Citi's Global Transaction Services unit, which was among the most profitable within the giant bank.

That's the same with Bank of America, where their treasury services operations accounts for close to 40 percent of global commercial banking revenue, or $4.32 billion, in 2010, and another $2.77 billion, or 30 percent of the revenue of the global banking and markets unit.

Bank of America was trading at $13.86, down $0.06, or 0.40 percent, as of 1:46 PM EST.

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