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Those senior BofA fixed income layoffs? They’re not just fixed income. Nor are they just MDs

BofA's redundancy net may be bigger than we'd thought

BofA's redundancy net may be bigger than we'd thought

Remember the fixed income sales and trading redundancies at BofA? Well. Turns out they happened in London last week. And guess what? They weren’t just fixed income. Nor were they just MDs.

Yes, plenty of usual suspects have disappeared. The Financial Conduct Authority Register shows that BofA has parted company with everyone from Konstantin Ivanov, a senior FX trader focused on the Rouble and CIS currencies to Peter Klein, head of FX prime broking, Alexandre Mougel, head of Russia DCM and Richard Norman, a director in FX trading.

But they’re not the only exits from BAML in the past week.

Headhunters say the U.S. bank also took the opportunity to cut a few people from its equities business. Robin Rinkes, head of equity distribution for the Netherlands is no longer with the bank. Nor is Frederic Batou, a senior equity salesman with a focus on hedge fund clientele.

Similarly, BofA’s exits haven’t been restricted to expensive senior staff. Recently hired juniors have left as well (possibly of their own accord, but possibly not). Frank Zhou, a junior FX options trader who joined in 2013 is out. So is Angus Chow, an analyst in the debt capital markets business, and David Eliet, an associate in leveraged finance origination.

Is BofA’s bloodletting broader than everyone thought? The bank declined to comment.

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