It is the time of yr when folks is likely to be anticipated to swap jobs after bonuses are paid. If Financial institution of America’s FX enterprise is a measure of the market, mobility is in full circulate.
Iain Szucs, head of EMEA FX gross sales left BofA after 10 years earlier this month. So too did Chetan Sennik, the financial institution’s international head of FX choices after an analogous size of time on the financial institution. Insiders say no less than one senior rising markets dealer can also be leaving.
Financial institution of America declined to touch upon the exits, the explanations for which look like diverse. – Szucs is seemingly retiring and Sennik is regarded as doing one thing completely different. Nevertheless, the rising markets dealer (and probably others) is believed to have been let go.
Financial institution of America’s international FX gross sales enterprise is run by London-based Bryant Park, a former Goldman Sachs managing director who joined the financial institution six years in the past. BofA ranked tenth globally for FX buying and selling final yr in accordance with the Euromoney FX Survey, down from ninth in 2019 and sixth in 2015.
In February 2020, BofA poached Carlos-Fernandez Aller from Goldman Sachs to run its FX enterprise alongside longstanding BofA MD Denis Manelski. Manelski moved to London on the time and is believed to have been making some adjustments. When Financial institution of America reported its fourth quarter outcomes final month, it mentioned that buying and selling revenues in macro merchandise (FX and charges) had been weak on the finish of final yr.
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