Bank of America equities chief Fabrizio Gallo is shaking up leadership across his division, promoting Glenn Koh to run its trading operations globally, as at least a half-dozen other deputies take on new roles or leave.
Bloomberg News reports that Cyrille Walter will run trading in Europe, the Middle East and Africa, in addition to his role as global head of equity client solutions and structuring, Gallo wrote Thursday in a memo to staff. Martina Slowey will assume global control of prime brokerage, custody and futures. Senior equities executives Steve Bayardelle and Syl Chackman are leaving, according to the memo.
The reorganization is the largest under Gallo since he was hired by Chief Operating Officer Thomas Montag from Brevan Howard Asset Management in 2011. Revenue from sales and trading in the bank’s equity unit fell 11% to $1.02bn in the first quarter from a year earlier, as market turmoil fueled an industrywide rout in those operations. That’s the lowest for the first quarter -- typically the bank’s strongest -- since at least 2011, according to Bloomberg Intelligence data. While revenue had climbed 4% last year, it was the smallest increase among the largest U.S. banks.
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