BofA Executives said to debate trading hub location

Frankfurt Skyline

Bank of America’s investment bank executives are divided over where their European Union trading hub should be after Brexit, according to people with knowledge of the matter.

Bloomberg News reports that equities head Fabrizio Gallo has pushed for Frankfurt as the base for traders working with EU clients, while his fixed-income colleagues Sanaz Zaimi and Bernard Mensah have favored Paris, the people said. Some trading operations will be forced to leave London when the U.K. exits the bloc, currently set for early 2019.

Bank of America hasn’t publicly discussed plans for either city as a European headquarters. Chief Executive Officer Brian Moynihan said in July that Dublin is Bank of America’s "preferred location" for its main legal entities in the EU. The bank already has a banking license in Ireland, and the concept he laid out would include setting up a broker-dealer in Dublin, the company said.

Hit the link below to access the complete Bloomberg News article:

Paris or Frankfurt? BofA Executives Debate Trading Hub Location

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