Bank of America's Harry McMahon, executive vice chairman of the firm's investment bank and a three-decade veteran of Merrill Lynch, has resigned.
McMahon, 61, intends to pursue opportunities outside of banking including non-profit work in education and health care, according to a Feb. 25 memo from Chief Operating Officer Thomas Montag. McMahon joined Merrill Lynch in 1983 and advised on more than 300 transactions during his career, according to a 2009 memo detailing his promotion to executive vice chairman.
Harrys record of accomplishment reflects our companys purpose, in all the ways he helped his clients succeed, Chief Executive Officer Brian Moynihan said in last weeks memo. We will miss his leadership and drive.
At least three senior BofA executives with long ties to Merrill Lynch have departed the division headed by Montag since bonuses were paid last month. Two equity trading managers, Henry Mulholland and Scott Bacigalupo, resigned within a week of each other.
McMahon was a Merrill Lynch vice chairman from 2003 until the firms 2009 takeover by Charlotte, North Carolina-based BofA, becoming the combined firms first executive vice chairman. His job involved maintaining ties with CEOs and corporate directors. McMahon earlier was co-head of global corporate finance.
John Yiannacopoulos, a BofA spokesman, confirmed the memos contents. McMahon didnt immediately return an e-mail or phone call seeking comment.