After revealing lower third quarter profits related to the US sub-prime crisis, Bank of America has revealed a new management structure for its Global Corporate and Investment Banking (GCIB) unit. The bank has appointed Brian Moynihan as president of GCIB in the wake of disappointing third quarter results in its capital markets businesses, and says it has launched a strategic review of GCIB to “determine how it can operate more effectively while continuing to meet client financial needs”.
In light of market conditions and strategic imperatives, the bank says it is also eliminating approximately 3,000 positions in various units across the company, the majority being GCIB-related, spread through business lending, treasury services and capital markets and advisory services as well as supporting infrastructure.
"While some of these changes are a direct result of our underperformance, others have been contemplated for a number of months as we looked at how we could operate more effectively," says Kenneth Lewis, chairman and chief executive officer of BofA. "We recognize that there are areas where we need to improve and are moving decisively toward that goal. The repositioning we are implementing will improve performance going forward while remaining committed to providing our commercial, corporate and institutional clients with the financial products and services they need to run their organizations effectively. We must have a platform that operates profitably for both our company and our clients."
Moynihan, who has headed global wealth and investment management at Bank of America since 2004, will be headquartered in New York City. He succeeds Gene Taylor, who is retiring at the end of the year after a 38- year career with the company.
SGAM Appoints in FI
Société Générale Asset Management (SGAM) has announced the appointment of Marie-Anne Allier as deputy head of fixed income investments. She reports to Eric Brard, head of fixed income and money market investments.
Allier is responsible for the development and promotion of fixed income and money market investment management as well as the operational management of fixed income funds. She joined SGAM Group in 1998, the banks says that as head of credit management and then head of European bonds, she has contributed to the development of SGAM’s expertise in European credit management.