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Bank of America Continues Hiring Spree

Bank of America (BofA) has continued to add staff to its global operations, with particular emphasis on North America. The bank, which recently recruited Larry Baum from Barclays Capital to be its global head of spot, forward and proprietary trading operations (see Profit & Loss, March 2002), has added seven other trading and sales appointments to its growing roster.

Separately, amidst a series of hires for its Global Markets Group (GMG) research team, sources report that Callum Henderson has left CitiFX to join BofA as head of emerging market research. BofA were unable to confirm this by time of going to press, but at CitiFX Henderson was the bank’s emerging market currency strategist.

Kimberley Euston has joined BofA as principal and head of US investor sales. She joins from Credit Suisse First Boston, where she was a director and co-head of FX institutional sales. At BofA, Euston will report to London-based Alan Circle, global head of FX institutional sales.

Reporting to Euston will be another of the bank’s new recruits, Mike DePhillips, who joins from JP Morgan. He retains his title from JP Morgan, vice president, for his new role at BofA.

George Dowd also joins BofA from JP Morgan. At JP Morgan, Dowd was a vice president in the institutional FX group. He reports to Gavin Coman, head of hedge fund sales for BofA.

The bank has also appointed four new staff to its trading group, all of whom will serve as senior traders.

Jordan Barnett joins after a long career at Merrill Lynch, where he was a director. He will report to Richard Krikorian, manager of the New York forward FX desk. Milko Campusano joins from JP Morgan, where he was North American Rates vice president and senior spot dealer. He will report to Steve Nutland, head of BofA’s New York spot desk.

Rounding off the series of hires (as reported in last month’s Profit & Loss) are Peter Gorra and Stephen O’Rourke. Both men join from the Royal Bank of Scotland Financial Markets (RBS), New York. Gorra was vice president and chief dealer spot FX at RBS, O’Rourke was a senior dealer. Together they were responsible for the cable and euro/sterling books at RBS, both will also report to Nutland.

BofA says the hires are part of a trend of “top-notch talent” migrating to the bank. Beau Cummins, head of Global FX, says, “These strategic new hires illustrate our ongoing commitment to providing clients with world-class foreign exchange capabilities and services. We will continue to invest in our foreign exchange business and focus on improving productivity.

“There is no doubt we will bring on board additional strategic hires as we continue driving our FX business to the next level.”

There have been several moves in and out of BofA over the past year, including the departure of then head of North American FX Richard Breslow and global FX risk manager Rick Sears. After a reorganisation of the FX operation in Europe last year, Martin O’Donoghue moved to the bank’s London operation from UBS Warburg , and John Murray, who was head of e-commerce FX, left to join Bank of New York.

Research Moves

Aside from the expected hire of Henderson, BofA has confirmed that David Goldman will be joining as head of GMG research. Based in New York, he will report to Duncan Goldie-Morrison, head of GMG. Goldman joins from CSFB, where he served as chief fixed income strategist. BofA says that in his new role, Goldman will work across all products to design and deliver a consistent framework for all fixed income, currency and commodities research. He is further charged with providing leadership and coordination of BofA’s 100-plus research staff globally, to ensure BofA clients receive a comprehensive global markets perspective.

Goldie-Morrison says, “Strengthening our debt markets research capability is a key element of our strategy to build our investor client business and serve both our issuer and investor clients in an integrated way. With his strong credentials, leadership capabilities and extensive experience in fixed income analysis and strategy, David will significantly enhance our ability to deliver a more effective product to both corporate and institutional clients.”

Goldman is one of two to move from CSFB to BofA’s research team. He will be joined by New York-based Jeffrey Rosenberg who was a director, US investment grade strategist.

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