Bank of America has consolidated its global rates, currencies and commodities and credit products businesses into a global fixed income platform led by Mike Meyer.
As a result of the consolidation, Richie Prager, the New York-based head of global rates, currencies and commodities has left the bank.
Prager spent more than eight years at Bank of America in a variety of positions. In 2006 he was appointed global head of global commodities. Before that he was president, Latin America; chief operating officer for debt products at Banc of America Securities; and global head of the emerging markets group.
The formation of the global fixed income unit was announced when Bank of America unveiled a new Global Corporate & Investment Banking (GCIB) leadership structure at the beginning of July.
Under the new structure, the heads of the Global Markets product groups – including Meyer – now report directly to Brian Moynihan, the head of GCIB.
Meyer, who joined the bank six years ago from UBS Securities, was previously head of global credit products. Reporting to him are Gerhard Seebacher, head of global rates and currencies; Bob Beehler, who heads short term fixed income; and Meyer’s original direct reports: Frank Beritto, who leads global credit sales and trading; Peter Santry, head of the global special situations group; and Justin Dash, head of structured credit products.
Moynihan says the two businesses have been consolidated to create simplicity and combine like products.
The move follows a reorganisation at the investment bank that began in October last year after it recorded a slump in profits. At that time the foreign exchange business was folded into the rates and currencies business headed by Seebacher, who reported to Prager. Christiane Mandell, who was global head of FX, left the bank and was soon followed by a string of other senior FX managers.
In February, BofA centralised its commodities and asset backed securities businesses in the US, and closed its Europe, Middle East and Africa commodities desk and ABS business for Europe. The centralised business is also part of the fixed income platform.
The creation of a global fixed income unit was announced when Moynihan unveiled the new GCIB leadership structure with the heads of BofA’s Global Markets product groups reporting directly to him.
In addition to Meyer, they include Ciaran O’Kelly, global equities; Bruce Thompson, global capital markets; George Ellison, global structured products and institutional client management; Tom White, Principal Capital Group; and chief operating officer for Global Markets, Paula Dominick.
They join: Cathy Bessant, head of global product solutions; Brian Brille, head of Global Investment Banking; David Darnell, head of Global Commercial Banking; Jim Kelly, GCIB chief information officer; and Jonathan Moulds, president of EMEA and Asia.
“Meeting our strategic growth goals depends on continually improving the integration of our product teams across all our client segments,” says Moynihan. “Rather than name a single leader for the Global Markets, I have instead decided to expand the GCIB leadership team by realigning our global markets products and functions.”
Previously White was the head of Global Markets, but he assumed a new role as president of the Principal Capital Group in April.