Bank of America’s Ben Samuels, head of a global equities sales desk in London, was among employees who left amid cuts at the company’s investment bank this month, said two people with knowledge of the moves.
Bloomberg reports that Samuels, a Managing Director, as well as Bruce Robb, who was on a similar team based in New York, were among people to go in the bank’s latest job cuts, said the people, who asked for anonymity because the moves were private.
The global equities desks identify promising stocks for institutional clients regardless of where they are listed, unlike teams focusing on U.S., European or Asian companies.
Bank of America cut more than 30 employees from trading and sales this month to lower costs while pursuing selective hires, said the people.
In the meantime, Reuters reports that BGC Partners, a spun-off brokerage unit of Cantor Fitzgerald, has decided to withdraw from trading in oil and oil products in London, trading sources said on Monday.
Around 10-15 people occupied roles in its oil and products division, the trading sources said. Some were expected to find new roles within the company.
Penney, based in Dubai, will be replaced by James Miller from RBS’s debt business in the U.K., said a bank spokeswoman, who asked not to be identified because of company policy. Penney will leave after a significant handover period, she said.
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