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Money Management Executive

Bank of America Staff Adopts New Code of Ethics

Published April 13, 2004, 1:00 a.m. EDT
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Updated April 13, 2004, 1:00 a.m. EDT
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Bank of America Corp. employees will have to sign a revised code of ethics document as a result of regulators’ probe of improper trading at its mutual fund unit.

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In a filing with the Securities and Exchanges Commission Friday, the Charlotte-based investment bank unveiled a new code of ethics that includes a barring of improper mutual fund trades and the establishing of a new hotline for employees looking to blow their whistles on co-workers and questionable policies.

"Bank of America Corporation is committed to the highest standards of ethical and professional conduct," the 16-page document reads.

The company, along with FleetBoston, recently reached a $675 million joint settlement with the SEC and New York Attorney General Eliot Spitzer for allowing hedge fund Canary Capital to engage in rapid short-term trading using stale prices and executing orders after the market close. Bank of America is in the process of completing a $48 billion merger with FleetBoston

The changes reflected in the new code of ethics were implemented on April 2.

 

 


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