For Recruiters
BofA is 'speaking to everyone on the street' while losing some current staff.

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.

Photo by Pathum Danthanarayana on Unsplash

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORDavid Rothnie Insider Comment
Cancel

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
Selby Jennings QRF
Portfolio Quantitative Researcher
Selby Jennings QRF
Manhattan, USA
Selby Jennings Buyside
Director Market Risk - Head of Rates
Selby Jennings Buyside
Manhattan, USA
Selby Jennings
Compute Engineer
Selby Jennings
Boston, USA
Selby Jennings Buyside
Market Risk Manager (Credit Products) - VP
Selby Jennings Buyside
Manhattan, USA
Selby Jennings Buyside
Vice President, Private Credit
Selby Jennings Buyside
Manhattan, USA