Curiously timed cuts to Bank of America's equities sales team hit New York too
As we reported yesterday, Bank of America has been cutting its specialist sales team in London, with cuts including legendary salesman Paul Rogers and saleswoman Megan Adams, who was also legendary in her own way, but whose BofA tenure was slightly less long.
Get Morning Coffee ☕ in your inbox. Sign up here.
Sources say Rogers and Adams weren't the only ones to go. Gillian Lim, who was covering European equities in New York, has also been asked to leave.
Bank of America declined to comment on the cuts. They come after head of markets Jim De Mare said this week that clients globally appear to be a little less active this quarter.
Sources at the bank say the cuts also follow voting for the Institutional Investor survey of top salespeople and researchers, which closed last week. By letting go of a few highly ranked salespeople like Rogers and Adams only after voting was over, there are suggestions that BofA will have protected its ranking overall. The cuts are understood to be part of standard annual cost-cutting.
BofA has made a habit of letting go of specialist salespeople in recent years. In 2023 the bank let go of head of equities sales Richard Manning, of Greg Jelly, a top ranked salesman on the chemicals, autos and materials team, of Madhu Ragunath, head of equity special sits, and of Melanie Grabe, a director in the corporate access team.
Sources say the London sales team was also shuffled with Laila Razak, a top ranked financials saleswoman was replaced by James Trickey, the former co-head of London equity sales in January. Trickey is said to be highly competent but lacking in Razak's specialist financials experience.
Some of those who have left BofA's team suggest the team has been "dumbed down". Nick Medin, a former SocGen salesman, joined in 2019 and now runs the team. Medin is more of a generalist.
The EMEA equities distribution team is run by Erik Koenig. Sources suggested the cuts are likely to have been Koenig's decision.
Those let go will, at least, have received their bonuses.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
