BNY elects McKinsey partner Malhotra to join board

Published August 14, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

McKinsey partner Vikram "Vik" Malhotra joins the Bank of New York Mellon's board of directors
Bank of America acquires a joint-venture stake in Jio Credited Limited
JPMorganChase terminates its banking relationship with Polymarket over regulatory concerns, and more.

BNY taps McKinsey partner to join board

The Bank of New York Mellon's board of directors is increasing in size with the addition of Vikram "Vik" Malhotra, a senior partner at McKinsey & Co. who will join the board on Oct. 1.

Malhotra has been a senior partner at McKinsey since 1998, BNY said in a press release. He joined the consulting firm in 1986. His election brings the number of board directors to 12. The group includes BNY CEO Robin Vince, who was named board chair last fall.

"Over the course of his four-decade career at McKinsey, Vik has advised CEOs and boards on some of their most consequential strategic, organizational and growth priorities, while also holding a number of significant leadership and governance roles within the firm," Vince said in the press release. "His experience across banking and financial services, combined with his global perspective, will add tremendous value to our board as we continue reimagining BNY." —Allissa Kline

BofA enters agreement to acquire 49.9% stake in Jio

Bank of America and Jio Financial Services Limited, or JFSL, have signed a definitive agreement for BofA to acquire up to a 49.9% joint-venture stake in Jio Credit Limited, JFSL's wholly owned nonbank financial company subsidiary.

Operating for just two years, JCL is among India's fastest-growing NBFCs, having built assets under management of ₹30,667 crore (~$3.2 billion USD) as of June 30. The digital-first lender is focused on bridging the gap between traditional finance and modern accessibility.

The investment will enable BofA to expand its reach in the rapidly growing Indian market while doing so with a partner that has local expertise and differentiated capabilities.

"BofA and Jio share the common vision of improving clients' financial lives through state-of-the-art digital access, innovation, access to credit and strong risk management," the firms said in an Aug. 12 press release

The investment will be executed through a preferential allotment of equity shares and warrants, and JCL's board will feature equal representation from both firms. —Traci Parks

JPMorgan debanked Polymarket over regulatory concern, FT says

JPMorganChase terminated its banking relationship with Polymarket last year over regulatory concerns, the Financial Times reported.

JPMorgan notified the prediction-market platform that it needed to find a new bank in October, the paper said, citing people it did not identify. Polymarket is now working with a new lender, the FT said, without identifying it.

A representative for JPMorgan declined to comment. Polymarket, which didn't immediately respond to a request for comment, said in a statement to the FT that it continues to maintain "a close, active relationship with JPMorgan across multiple entities, operational integrations and material handling of customer fund flows."

The bank retains some ties to Polymarket as it looks to leave the door open for an underwriting role should it attempt to go public, the paper said, citing a person familiar with the matter.

Prediction markets have grown into a multibillion-dollar industry by offering financial contracts tied to everything from celebrity news to when the Strait of Hormuz will reopen. —Zainab Haji, Bloomberg News

Wells Fargo hires UBS banker Nikhil Goel for healthcare M&A

Wells Fargo has hired investment banker Nikhil Goel as a managing director in the mergers and acquisitions group focused on the healthcare sector, according to a person familiar with the matter.

Based in New York, Goel will report to Jeff Hogan, head of global M&A, said the person, who asked not to be identified because the details aren't public. Goel, previously at UBS Group, will start at Wells Fargo after a standard period of leave.

Goel was a managing director at UBS and joined that firm via its acquisition of Credit Suisse. He's advised on healthcare deals including CVS Health's $10.6 billion acquisition of Oak Street Health and Actelion's $30 billion sale to Johnson & Johnson.

A representative for Wells Fargo confirmed the hire but declined to comment further. A UBS spokesperson didn't respond to a request for comment.

Goel will join recent healthcare hires including Joel Thompson and Brian Gleason. –Michelle F. Davis, Bloomberg News

Former hedge fund CFO pleads guilty to embezzling $3M

The former chief financial officer of a Miami Beach hedge fund admitted he embezzled more than $3 million over four years at the firm, approving phony invoices and using corporate credit cards for adult entertainment and personal travel.

Theodore Woo, 49, pleaded guilty to securities fraud Tuesday, admitting he approved payments to companies he controlled and used the firm's card for unapproved expenses, federal prosecutors said Tuesday.

The company Woo stole from was not named in court papers, but unrelated U.S. SEC regulatory filings show that he worked for Windward Management.

The Miami Beach-based hedge fund didn't immediately respond to a phone message seeking comment on the guilty plea. Woo's lawyer, Shrey Sharma, also didn't return a message seeking comment.

"For years, Theodore Woo flagrantly abused his position of trust and brazenly stole from his employer to line his own pockets," Manhattan U.S. Attorney Jamie McDonald said in a statement Tuesday.

Woo faces as much as 20 years in prison when he's sentenced in November. —Bob Van Voris, Bloomberg News