Banking Updates: Bank of America Corp (BAC) on Gender Bias Settlement, JPMorgan Chase & Co (JPM)’s New Directors & Wells Fargo & Co (WFC)

Editor’s Note: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Co (NYSE:WFC)

Bank of America to pay $39M in gender bias settlement (USA Today)
Bank of America Corp (NYSE:BAC) has agreed to pay $39 million to settle claims of gender bias by women in its Merrill Lynch brokerage division. The settlement was announced Friday by law firms representing women working as financial advisers or licensed financial advisers at Banc of America Investment Services Inc. or Merrill Lynch from 2007 through 2013.

Jamie Dimon

JPMorgan Chase to Elect Linda Bammann and Michael Neal to Its Board of Directors (
JPMorgan Chase & Co (NYSE:JPM) announced today that its Board of Directors intends to elect Linda B. Bammann and Michael A. Neal as directors of the company. Ms. Bammann is expected to be elected on September 16, while Mr. Neal is expected to join the Board in January 2014, after he retires from his current position. “We are extremely fortunate that Linda Bammann and Mike Neal will be joining JPMorgan Chase’s Board of Directors,” said Lee R. Raymond, the Board’s Lead Independent Director. “Linda and Mike are proven leaders and will bring outstanding risk, finance and management experience to our Board and to our firm,” added Jamie Dimon, Chairman and CEO of the company.

Double Haven hires CEO from Wells Fargo Securities Asia (The Asset)
Asian credit specialist fund management firm Double Haven has tapped Greg Donohugh as chief executive officer. He from WWells Fargo & Co (NYSE:WFC) Securities Asia platform, which he founded in 2004 and headed, developing and leading the regional securities operations across the bank’s 19 offices in Asia working with regional banks, sovereign wealth funds, central banks, pension funds, insurance, private equity and long only fund clients. Donohugh earned his MBA in finance from the University of Chicago Booth School of Business and a BA in Asian Studies from Claremont McKenna College. He studied in China and Japan and speaks Japanese and Chinese.

Cleary leads as Bank of America sells $1.5bn China Construction Bank stake (
Cleary Gottlieb Steen & Hamilton has acted alongside Hong Kong’s Deacons on Bank of America Corp (NYSE:BAC)’s sale of its remaining stake in China Construction Bank (CCB). The US bank is exiting from its Chinese investment by selling approximately two billion shares, the equivalent of 1% of the company’s stock, estimated to be worth around $1.5bn (£963m). US firm Cleary acted as international counsel on the deal, with New York corporate partner Paul Shim leading a team alongside capital markets partner Leslie Silverman. Deacons advised on local law, with Hong Kong corporate and capital markets partner Rhoda Yung heading up the firm’s team.

Former JP Morgan Asset Management India chairman Krishnamurthy Vijayan launches impact investment fund (VCCircle)
Krishnamurthy Vijayan, a former executive chairman at JPMorgan Chase & Co (NYSE:JPM) Asset Management India, has launched a Rs 250 crore ($37 million) impact management fund christened Charioteer Fund-I to invest in India’s livelihood and skills development space, as per a report in The Economic Times.