Long-time Bank of America Corp. capital markets executive Tom White is retiring to form an investment management company focused on “distressed credit opportunities, micro finance, and philanthropic start-ups,” the bank told employees earlier this week.
"Over his 14 years at our company, Tom has helped lead the growth of our investment banking and capital markets platform from a fledgling start-up to a market leader," Brian Moynihan, president of Bank of America's corporate and investment bank, said in a memo. "We will miss his expertise and talent but understand his desire to start his own firm and look forward to his future success."
After joining the bank in 1994, White served in a number of senior positions. Earlier this year, he became head of a newly formed group that manages the bank's trading of its own holdings after serving less than a year as head of global markets. At the time, Moynihan said the bank was simply taking advantage of White's experience.
The bank said White will help with the transition of his duties over the next few weeks.