BofA said cuts jobs in currency and interest rates

Bank Of America Building

Bank of America managing directors John Uglum and Doug Horlick have left the firm as it cuts jobs in the interest-rates and currency-trading businesses, said people briefed on the moves.

Bloomberg News reports that Sowen Ng, a Hong Kong-based managing director in sales, also departed, said the people, who asked not to be identified discussing personnel matters. Uglum was an interest-rate derivatives trader and Horlick ran institutional foreign-exchange sales for the Americas.

Wall Street banks are paring costs as record-low market volatility curbs trading volume and revenue, contributing to the worst first half in trading since the financial crisis. Trading results were 'reasonable' in July and slowed in August, Bank of America Chief Financial Officer Bruce Thompson said last week at a financial-services conference in New York.

Interest-rates trading revenue dropped 15 percent to $9.8 billion at the 10 largest global investment banks in the first half of this year, industry analytics firm Coalition Ltd. said in a report last month. Currency trading fell 35 percent to $2.7 billion, Coalition said.

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BofA’s Uglum, Horlick Said to Leave Bank Amid Cuts

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