A shakeup is underway in Bank of America’s sales and trading division, as a star sales exec is switching roles and another is leaving the firm
There’s been a shakeup in Bank of America Merrill Lynch’s fixed-income, currencies, and commodities division, as a star sales exec is shifting into trading and another business head is moving on.
Karen Fang, the head of sales and structuring for FICC in the Americas, is leaving her post for a senior role in trading, according to an internal memo seen by Business Insider.
“Karen Fang will transition into a new role within FICC Trading as the head of Counterparty Portfolio Management (CPM), Structured Notes (CFD) and Exchange-Traded Funds (ETFs),” the memo said. “In addition, Karen will join the Environmental Social Governance Committee.”
She’ll report to Jim DeMare and Bernie Mensah, global coheads of FICC trading.
Fang, who joined in 2010 from Goldman Sachs, where she was a managing director, was previously the head of cross-asset strategies and solutions and is considered a star in the firm’s FICC division. It’s not clear what’s driving the change from sales to trading.
The memo — from DeMare, Mensah, global FICC sales head Sanaz Zaimi, and global equities sales and distribution head Soofian Zuberi — said Gerry Walker, currently the global head of credit and special-situation sales, would take over Fang’s role as head of FICC sales in the Americas.
Walker will report to Zaimi and DeMare.
A Bank of America representative declined to comment on the moves.
George Livingston, the cohead of global senior relationship management, is retiring, according to the memo. He’s been with the firm since 2005.
Orly Avidan, Livingston’s cohead, will become the sole head of the business, reporting to Zaimi and Zuberi.
Bank of America is the third-ranked FICC business on Wall Street, behind JPMorgan Chase and Citigroup. FICC revenues declined across the industry in 2018, though Bank of America’s unit was harder hit than other top banks, with revenue falling 8%, to $8.3 billion.
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