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BofAs Malik Exited After Complaint of Sexual Misconduct, Source Says

Omeed Malik, a Bank of America Corp.. Prime broker executive who left the company this month, departed after the lender began investigating an accusation of inappropriate sexual conduct, according to a individual who has knowledge of the situation.

A woman in her 20s complained that Malik had made unwanted advances, said. She was a worker in his business, however didn’t report to him, the person said. A roughly three-week query, including interviews with staff, turned up concerns, and Malik was ignored, the person said.

Malik’s sudden exit from the bank, which he often represented at cash management conventions, has been the topic of speculation within the industry because it became public on Jan. 11. Reached after he left by Bloomberg, he declined to comment on the reason for his departure. Malik declined to comment when reached on Saturday, the day after the New York Times reported his departure had been prompted by an allegation of sexual misconduct.

After Malik left, some executives#xA0;instructed staff to inform clients individuals with knowledge of the matter said. Women at the bank were later angered after Reuters reported that Malik prepared to launch an advisory company for hedge funds and other investment managers, the paper said.

Malik was a managing director with an assortment of senior responsibilities within the prime brokerage. He headed capital strategy and mimicked origination for the device from the Americas, according to his biography on this past year&#x2019. The yearly event is among the business’s hottest.

Malik conducted an emerging manager program and established, according to the biography. That entailed then providing capital plan resources and financing, business consulting , choosing funds for the company to operate with.

A Bank of America representative affirmed that the company had been left by Malik and said he pursued other opportunities. A spokeswoman for the firm, Jessica Oppenheim, afterwards declined to comment about whether his death was prompted by other issues.

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