Equities professionals at Bank of America in London are in mourning today following the death of a popular sales trader at the weekend.
BofA insiders say that Joe Heraty, a veteran equities sales trading MD at the firm, passed away. BofA declined to comment further.
Heraty joined Bank of America through Merrill Lynch in 2007 according to the Financial Conduct Authority Register. Before that, he spent three years at J.P. Morgan in London.
The cause of Heraty's death is unclear, but it appears to have been unexpected among clients and colleagues.
Equities sales traders are under pressure as a result of MiFID II legislation. Earlier this month, one equities sales trader complained here that her job has become the worst in the industry as clients refuse to pick up the phone for fear that they will be charged for broke calls under the new legislation.
"Banks don’t want to hire people simply to sell equities any more. They want people who can sell the whole “suite” of a bank’s products. It’s no longer about old-fashioned stockbroking, but modern “account management.” The new job is completely different," she said.
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