BofA Treasuries Trader Exits, Adding to Fixed-Income Departures

A senior Bank of America Corp. bond trader is the latest person to depart from the company’s fixed-income division.

Shyam Rajan, head of U.S. Treasury trading, is leaving after more than a decade with the firm, according to people familiar with the situation who asked not to be identified discussing personnel matters. On Thursday, the company named Michael Maras head of global fixed-income, currencies and commodities research after prominent analyst David Woo decided to leave.

A Bank of America spokesman and Rajan declined to comment.

Wall Street often sees staffing changes around this time of year after bonuses are distributed, with financial firms competing to hire talent. At Bank of America, restraint on compensation and policy changes have sparked anger among some investment bankers and traders who expected bigger rewards after a banner year in 2020. More broadly, the biggest U.S. lenders have become more frugal on pay as strains on consumer divisions ate into windfalls generated by their Wall Street operations.

Sales and trading revenue for Bank of America’s fixed-income, currencies and commodities division jumped 16% last year to $9.7 billion, according to a company filing.

Other recent moves in the FICC division include:

  • Flavio Corsini, who was named head of Brazil local currency trading, replacing Vinicius Fukushiro.
  • In London, Iain Szucs, the bank’s head of foreign-exchange sales for the Europe, Middle East and Africa region, departed earlier this month.

©2021 Bloomberg L.P.

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