Trading execs said to leave ahead of top firm axing more jobs

Job cuts said to be coming next week.

Bank of America trading executives David Moore and David Hartney departed as the firm prepares to eliminate fixed-income and equities jobs worldwide, according to people with knowledge of the moves.

Bloomberg News reports that Moore, chief of North America rates trading, and Hartney, global head of futures execution, left this week, said the people, who asked not to be identified discussing personnel matters. The cuts next week probably will be more severe for fixed-income desks than for equities, two people said.

'Firms typically cut this time of year because they’re doing business planning for next year and making major decisions about which businesses to grow and cut,' said Jeanne Branthover, managing partner at Boyden Global Executive Search in New York. 'If organizations are top-heavy, they’ll look at senior people who are making a lot of money.'

Trading firms are eliminating jobs after over-hiring in 2012 and keeping staffing levels elevated in anticipation of a rebound, she said.

Hit the link below to access the complete Reuters article:

BofA Trading Executives Leave Firm as Job Cuts Loom

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