It's not all bad news.
Bank of America’s equities unit lost about half a dozen members in recent weeks including John O’Brien, head of New York derivatives sales, who joined Deutsche Bank, said two people with knowledge of the matter.
Bloomberg News reports that O’Brien, a Managing Director, previously was co-head of equity-derivatives sales, said the people, who ask not to be named because the moves are private. Michael Kurd, a derivatives trader, was among at least two employees who went to Deutsche Bank and other colleagues left for UBS and Morgan Stanley.
Wall Street firms, contending with stagnant trading revenue amid low volatility and new regulations, are adjusting their teams and making selective hires. Bank of America posted $1.15bn in equities sales and trading revenue in the first quarter, little changed from a year earlier.
'We’re seeing extraordinary activity at this time compared to the last couple years - there’s a bit more appetite to upgrade desks', Michael Karp, chief executive officer of recruitment firm Options Group, said in a phone interview.
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