Bank of America has hired an equities managing director specialising in healthcare sales from RBC Capital Markets.
Chris McCarthy joined Bank of America Merrill Lynch (BAML) as a managing director (MD) and an equity healthcare sales specialist in its New York office last month.
Prior to moving to BAML, McCarthy spent almost 9 years as a healthcare sector strategist at RBC. He joined the Canadian bank in 2010 as a director and was promoted to MD in 2015. Before BAML, he worked with Cowen and Company in equity sales.
McCarthy's appointment comes at a time when BAML seems to be strengthening its equities team in New York. In October 2018, Daniel Sanders, EMEA (Europe, the Middle East and Africa ) co-head of equities trading and one of Bank of America's most senior equities professionals in London moved to New York to head execution services trading for the Americas region.
Ahead of Brexit in March, banks have been moving teams out of London. Meanwhile, investment banks' equities divisions in Europe have been struggling with MiFID II at a time when banks everywhere are heavily focussing on executing trades electronically.
Last year, BAML saw a slew of exits from equities business. In October, David Hayes, a London-based equity research managing director, and Michel Sindelar, the head of EMEA equities distribution, left the firm. Hayes joined Société Générale a month later. Earlier in 2018, Bank of America's European equity derivatives business was hit by a spate of resignations.
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