Beau Cummins, currently global head of foreign exchange at Bank of America (BofA) in New York, is to take a new role with the bank as part of a raft of organisational changes surrounding the Global Corporate Investment Banking debt platform, the bank confirms.
According to a memo circulated within the bank on July 11, Cummins is to become responsible for the origination of all high-grade debt products and will coordinate the corporate marketing of interest rate derivatives, foreign exchange and commodities to issuer clients. BofA says the move ensures that it presents these clients with comprehensive cross-product solutions.
Cummins will continue to manage FX until a replacement is found. Although it could not be confirmed, the bank is believed to be looking internally.
In his new role, Cummins will report jointly to Pat Augustine, Charlotte-based head of asset securitisation and investment grade products; Jonathan Moulds, Chicago-based head of liquid products; and Bill Hodges, Charlotte-based head of debt capital markets and leasing.