Bank of America's London equities business has had some curious exits
Compared to HSBC, Bank of America's London equities business didn't have a bad first quarter. Yes, revenues at BofA declined, but by a mere 19% compared to HSBC's 65% drop. But while HSBC seems to be sitting on its remaining equities professionals, Bank of America's business has suffered an unusual spate of senior exits.
Sources at the bank say a succession of senior people have left the equities business in the past few months, not all of them voluntarily.
The departures include: Richard Manning, a managing director and head of European equity sales who'd been with the bank since 2005; Madhu Ragonath, the former head of special situations M&A who'd been with the bank for nearly 17 years; Jerome Uzuziri, a director in equity sales who was focused on hedge funds, who left after 15 years; Melanie Grabe, a director of research content; Filippo Mainella, a director of research marketing; and Vladimir Sergievskii, a director of equity research.
Nicola Lim, a managing director and head of EMEA Advisory Sales and Swap Sales, is also understood to have taken on an expanded role covering client experience across markets.
BofA declined to comment on the disappearances. The bank has a hypothetical hiring freeze and is unlikely to rush to find replacements. Sources suggested more equity exits in London are likely soon.
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