Bank of America Hires JPMorgan Executive to Lead India Equity Markets Unit

Bank of America Corporation (NYSE:BAC) is one of the best stocks for a dividend stock portfolio.

Recently, the company has tapped Satish Arcot from JPMorgan Chase to lead its capital markets division in India, as part of efforts to strengthen its local investment banking presence, according to sources familiar with the matter.

Arcot, who brings two decades of experience in financial services, is expected to join later this year as a managing director based in Mumbai. His appointment follows a series of leadership changes in India, including the naming of Vikram Sahu as country head earlier this year and the promotion of longtime executive Mandar Donde to head investment banking operations in April.

Bank of America Corporation (NYSE: BAC) is aiming to reestablish its position in India after the departure of three senior investment bankers last November amid allegations of misconduct related to stock offerings.

Satish Arcot, currently an executive director at JPMorgan and with the firm for the past four years, per his LinkedIn profile, has been selected to help lead the bank’s efforts. He did not respond to a request for comment via LinkedIn, and both Bank of America and JPMorgan declined to comment.

Bank of America Corporation (NYSE:BAC) has maintained a presence in India since 1964, providing investment banking services to large corporates, financial institutions, and government entities, typically those with annual revenues exceeding $2 billion, according to its website.

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