Zuberi, who joined Merrill Lynch about 18 years ago, moved this year to New York from Hong Kong, where he was head of global markets sales for Asia. Previously, he was co-head of equity capital markets in the region. Zuberi reports to global equities chief Fabrizio Gallo.
Bank of America’s orders to dine with clients more often coincides with the company’s renewed drive to reduce costs, with Moynihan seeking $8 billion in annual savings.
The firm this year reminded staff about sticking to expense limits for meals and entertaining clients, the people said. Those are about $150 a person for dinner, $75 for lunch and $30 for breakfast. Some who break the caps have been asked to reimburse the company, angering the bankers, the people said.