Goldman Sachs went first. Now Citi and Bank of America have made their own managing director promotions. And some people in their markets divisions are not happy with the outcomes.
At Bank of America, the fixed income business didn't have the best year and the Middle East and North Africa (MENA) business is said to be comparatively unprofitable compared to other divisions, but top directors were promoted just the same. New London BAML markets MDs include: Jim Kaye, director of execution services and overseer of the bank's electronic trading business, Mohamed Farsi, a senior middle east salesman with clients in Dubai and Saudi Arabia; Caleb Wright, head of EMEA equities and market structure; Marc Goldberg in credit structuring, and Cecile Gambardella in emerging market sales.
At Citi's London markets business, promotions are understood to include: Marcus Satha, the recently promoted global head of short term interest rate trading; Helen Brookes in FX business management; Al Saeed, global head of the institutional clients e-commerce sales and product for the FX and local markets business at Citi Velocity, Citi's single dealer FX trading platform; and Brandt Portugal, an FX corporate salesman covering the Benelux, Nordic and Irish markets.
Barclays is also said to have promoted its new round of MDs in the past twenty four hours.
Unlike Goldman Sachs, which releases its full list of MD promotions, neither BAML, Citi nor Barclays publicize who got bumped up.
Inevitably, there are some complaints from those who feel overlooked. Promotions are understood to have been few and far between in Citi's UK rates business and some male markets professionals are understood to be irked by the elevation of women, who they claim are benefiting from the bank's emphasis on diversity.
Neither Bank of America nor Citi responded to a request to comment.
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