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
- Bank of America Merrill Lynch is shaking up its fixed-income, currencies, and commodities division.
- The head of FICC sales and structuring in the Americas is moving on to a new role in trading and will be replaced internally.
- Another FICC exec is leaving the firm, according to people familiar with the matter.
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 and head of cross-asset strategies and solutions, is leaving her post for a role in trading, according to an internal memo seen by Business Insider. She'll report to Jim DeMare and Bernie Mensah, global co-heads of FICC trading.
Fang, who joined in 2010 from Goldman Sachs where she was a managing director, 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 head Soofian Zuberi - says Gerry Walker, currently the global head of credit and special situation sales, is taking over Fang's role as head of FICC sales in the Americas.
A Bank of America spokesperson declined to comment on the moves.
George Livingston, the co-head of global senior relationship management, is retiring, according to the memo. He'd been with the firm since 2005.
Orly Avidan, Livingston's co-head, 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 revenues falling 8% to $8.3 billion.
This story is developing.
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