Sadness as Bank of America cuts popular equities "legend"
No sooner did Bank of America suggest that trading revenues this year might not be as good as last year, than it seems the bank has trimmed heads in its sales and trading business.
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Source say that the London team has made cuts and that they included one of its longest serving and most popular salespeople.
Paul Rogers, who joined BofA in the primeval days of 2001 and was there throughout the Merrill Lynch years and beyond, is understood to be leaving. He covered utilities and renewables, oil and gas specialist sales.
Neither Bank of America nor Rogers responded to a request to confirm his exit. Sources say his departure was greeted with sadness. "Everyone is shocked. Clients and colleagues loved him," says one. "He was a legend."
Rogers doesn't appear to have been the only person to go. Sources say that Megan Adams, a director focused on consumer specialist sales, is leaving too, along with a few others.
Bank of America spent the past few years hiring heavily for its sales and trading businesses, which had a record end to 2024. Hiring in 2023 was focused on fixed income sales. More recently, however, it's focused on equity derivatives recruitment instead.
Rogers isn't the only sales veteran to be cut in London this year. Martin Tubby Turner was displaced a few weeks ago. This is despite the fact that high touch sales in the City don't appear to be doing badly.
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