BAML continues restructure; evolves to meet regulations

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Bank of America Merrill Lynch (BAML) continues to reorganise its business post-merger and ahead of forthcoming regulations, resulting in management changes in FX and the launch of a futures and derivatives clearing service. The foreign exchange business has seen the departure of Joe Ziccarelli, New York-based managing director and chief operating officer of global foreign exchange. Ziccarelli joined the US bank in 2006 from HSBC, where he was a managing director in FX and global metals sales