Bank of America has named Mike Joo head of global rates and currencies origination, the business that issues interest rate and currency products for corporate and commercial clients, according to a memo sent to employees.
Reuters reports that Joo, who joined the firm in 2006, had been chief operating officer for the bank's global markets division since 2009. He will report to Lisa Carnoy, head of global capital markets, and Bryan Weadock and Sanaz Zaimi, co-heads of global fixed income, currency and commodities sales.
Wang, who had been an advisory director at Goldman Sachs and chairman of Goldman Sachs Asset Management in China, will be chairman of BlackRock China, responsible for developing and executing the firm’s business strategy there, Bobbie Collins, a spokeswoman for the New York-based firm, said today in an e-mail. Wang will report to Mark McCombe, chairman of BlackRock’s Asia-Pacific operations.
In the meantime, The Wall Street Journal reports that Citigroup's head of emerging markets Hamid Biglari is leaving the bank, Chief Executive Michael Corbat told employees in a memorandum dated Monday.
The appointment of Quek comes as investment banks are under pressure to comply with stringent Dodd-Frank regulations aimed at limiting excessive risk-taking by banks after the 2008 financial crisis, while struggling to keep their market share in the lucrative commodities market.
Bloomberg reports that Macquarie Group has named Justin Mannolini as an executive director of its investment banking unit in Perth to strengthen its Western Australia operations as China’s economy rebounds and metals rally.
Mannolini was previously a managing director of Perth-based Gresham Advisory Partners and has worked for 19 years as a banker and lawyer, Macquarie, Australia’s largest investment bank, said in a statement Tuesday.
The news organisation also reports that Mizuho Financial Group, Japan’s No. 1 takeover adviser in 2012, plans to hire senior bankers in the U.S. and Europe this year to help local companies make acquisitions abroad.
The Japanese firm wants to add bankers who have access to top executives in the health care, energy, technology, media and telecommunication industries overseas, Hiroshi Motoyama, chief executive officer at the Mizuho Securities Co. unit, said in an interview. It plans to recruit fewer than 10, he said.
Finally, Bloomberg reports that Tullett Prebon’s claim that competitor BGC Partners improperly lured away nine traders was rejected by an arbitration panel of the Financial Industry Regulatory Authority, according to BGC.
The claims for more than $16m against BGC, which matches securities trades between banks, are in addition to several other lawsuits brought by Tullett Prebon from 2009 to 2011 that seek at least $1bn in damages for allegedly raiding its brokers around the world.
The dispute decided January 11th by the Finra arbitration panel involved nine repurchase agreement traders who left Tullett Prebon for BGC in 2011, Robert Hubbell, a BGC spokesman, said in a telephone interview.
Citi’s Head of Emerging Markets Hamid Biglari To Leave (subscriber content)