Bank of America takes on HSBC metals group

Bank of America has recruited Peter Merritt to head a new metals trading team. Merritt, previously head of global metals at HSBC, will bring a team of metals traders and marketers with him from HSBC to Bank of America's New York office.

Simon Underhill, previously HSBC’s global head of base metals trading, has been hired as a managing director and marketer. Joining him are two commodities sales staff, Simon Jackson and Alan McHugh, who were both involved in the launch of HSBC's base metals business.

Merritt also brings two marketers, Mark Newson-Smith (previously a senior commodity trader at HSBC) and Tony Shaw (previously HSBC associate director of base metals trading and sales).

In addition, Patrick Coleman has been named as global head of commodities. He joined Bank of America in 2005, and was previously head of the government institutions group. In his new role, he will have overall responsibility for sales and trading across the commodities platform.