BofA is losing people from its corporate FX division in New York
Bank of America Securities has been losing staff from its corporate and mid-market rates and FX team in New York.
The departures are coming from all levels and have been taking place since the summer. In the past week, three staff have left. On Wednesday, Josh Davis and Wes Wilson, who were VPs in the mid-cap corporate sales team, left the bank while on Tuesday Joe Hedberg quit to join Wells Fargo.
The departures are said to be a mixture of staff redundancies and people jumping ship to rivals and the shake-up has taken place since the appointment of Jill Schwartz, who took over as executive vice chairman and head of global rates and currencies solutions when Mike Joo moved to become COO of investment banking last January.
A trio of managing directors have left since last summer. Greg Hart decamped to Royal Bank of Canada and Dave Paster left to join MUFG , while Glen Crotty has also left the firm. BoA declined to comment.
There has been a brisk pace of recruitment in corporate rates and FX recently as big foreign banks such as MUFG and BNP Paribas have expanded aggressively.
Insiders at BofA argue that the level of churn at BoA is not unusual and that Schwartz, a heavy-hitter who was hired from Barclays, initially as an executive vice chairman in 2018, is making her mark as she looks to boost revenues.
It’s not all one-way traffic. Last week BoA hired Christina Starkey from JP Morgan and it has also moved across Ginger Melien, a director and chief operating officers of the bank’s investment grade capital markets division, to a role covering real estate and financial sponsors. Headhunters say there could be more to come “They’re speaking to everyone on the street,” said one source familiar with the recruitment process.
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