Bank of America lost two of its most senior equity derivatives traders
There have been more big exits from Bank of America's equities business. Following the departures of Whitfield Hines (head of EMEA equity derivatives flow sales), Guillaume Arnaud (head of EMEA solutions sales and structuring) and Roy Martins (head of global equity swaps distribution), insiders say the bank has been struck by the resignations of Alexandre Fleury, global head of exotics trading, and Florent Sabot, head of exotic equity trading for EMEA and Asia.
The latter two exits are understood to be particularly problematic as they leave BofA with no managing directors on its European equity derivatives trading desks. BofA didn't respond to a request to comment on the moves, but neither Fleury nor Sabot are on the bank's telephone system. Both are understood to have resigned around a week ago, possibly for Barclays, which is building its equities business under former Credit Suisse trader and new global head of equities Stephen Dainton. BofA is already understood to be on the market looking for replacements.
BofA's equity derivatives exodus comes as banks like Goldman Sachs are competing heavily for equity derivatives talent. As we reported last week, Goldman has made some significant hires for its equity derivatives business in the last few months. Equity derivatives revenues are expected to rise as clients seek to hedge against rising volatility in equities markets.
Fleury and Sabot look like big losses for BofA. Fleury formerly worked for Morgan Stanley, where he had a reputation as one of the bank's biggest revenue generators. Sabot joined from Goldman, where he was head of exotic single stock trading for Europe between 2010 and 2013.
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