Does working at BOA interfere with you doing stock trades on your own, in personal accounts? Are there any requirements, disclosures etc. needed?
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Doesn't anything outside need to be reported in AIM? I had them hounding me years ago because I didn't report the stock purchase plan and 401k. It was the companies accounts. I assumed they know those.
Consumer side is considered public where commercial side is considered private side. Anyone who has access to clients financial typically would be considered private side even if their role doesn’t require them to review them. I’m in Global Operations and loan administration which is considered private side.
Absolutely, good info thanks.
Not a matter of level or seniority at all. It has to do with which line of business or department you are employed in and your specific role.
Private side applies to all investment banks and broker-dealers. At BofA, this encompasses nearly all roles in investment banking, global markets and global research, because they could (and often do) encounter non-public material information ("inside knowledge") about publicly-traded companies when doing their job. This is any information about a company that the public does not have access to that could be used to give a person or organization an unfair advantage in trading a stock. It is illegal to trade on inside, non-public information and any employee who does puts the bank at risk of big regulatory fines and lawsuits. These employees are required to report on the Associate Investment Management (AIM) website what investments they hold and where those accounts are held annually. Same at any other investment bank on the street as this is an industry-wide regulatory requirement.
However, most bank employees have jobs on the public side, e.g. Consumer/Retail, Commercial Banking, GTS, GTO, etc. that does not have access to this type of information since they mostly work with consumers or smaller companies that are not traded. (Unless if they work in a support role for Inv Bank/GM, then the regulation might be applied to them as well). Since most roles do not have access to "inside information" about large publicly-traded companies, these teammates are not subject to the regulation. They sit on the public side and do not have to report their personal investments to their employer.
I hope my attempt to explain helps at least a little bit.
What does private side mean?
Yes if you’re on private side which requires pre approval prior to purchasing or selling any stock. Speaking from BOA side and commercial side
‘Private side’? Like senior leadership or Merrill side?
Yes if you are in the private side of the information wall.
There may be some on the wealth side. For most folks there is no restriction outside of our own stock. You cannot trade BAC on inside info and you cannot short it.