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Report: BofA Merrill Lynch's EMEA head to step down

Alex Wilmot-Sitwell, Bank of America Merrill Lynch's president for Europe, the Middle East and Africa, has stepped down from his post, the Financial Times reported.

Wilmot-Sitwell is leaving the company "to pursue opportunities outside the bank" but will remain with the lender "for the next few months to ensure a seamless transition," according to a staff memo from Bank of America Corp. COO Tom Montag.

"People familiar with the situation" said Wilmot-Sitwell, who has been an essential figure in the bank's preparations concerning the U.K.'s exit from the European Union, tendered his resignation in the week of March 12 amid mounting frustrations over Brexit negotiations, the report noted.