(Bloomberg) -- Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lenders Merrill Lynch wealth-management division, said two people with knowledge of the decision.
Increased regulatory scrutiny of U.S. equity markets and managers concerns for the potential perception of a conflict of interest killed the project, said the people. The desk advanced to a testing phase before being abandoned in recent weeks and two executives hired to run it, Jonathan Wang and Steven Sadoff, were told to seek new jobs within the firm, the people said, requesting anonymity because the matter is private.
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