Scott Duffy, head of physical and structured crude and products trading at Bank of America Merrill Lynch (BAML) has left the firm, according to two sources familiar with the matter.
Reuters reports that Duffy was previously head of crude oil derivatives trading at BAML. He also worked at Goldman Sachs Group Inc as a crude trader for more than a decade, according to his LinkedIn profile.
In the meantime, Reuters reports that Goldman Sachs is creating a new commodities finance team that will move staff from the securities division into the investment banking division, according to an internal memo on Monday.
Colleen Foster, global head of commodities sales, will lead the new team, called “commodity finance solutions,” the memo said. Her group will work closely with existing teams inside Goldman’s investment bank that sell derivatives and structured finance products, with the goal of drumming up more business from corporations.