BoA axes global head of forex exotics role amid restructuring

Bank of America (BoA) has cut three management positions, including its head of global exotics, as part of an ongoing strategy to consolidate global foreign exchange trading and sales, a senior official at the bank in New York told RiskNews ’ sister publications FX Week .

The bank eliminated the position of head of global exotics following the voluntary departure of Jonathan Goldman. He leaves the bank and the forex market on May 31. Over the next month and a half, Goldman will hand over the business to Larry Baum, global head of spot, forward and proprietary trading.

Former global head of institutional FX sales, Alan Circle, will relocate from London to New York, where he joins the sales desk, covering institutional clients. Management of global institutional sales now becomes part of the remit of global FX sales head Bob Gotelli in New York.

Ryuichi Atsuta, who formerly managed regional FX for Japan, has relocated to Singapore as an FX trader, reporting to Singapore head of FX, Chee Pin Lee.

The bank has also changed the reporting lines of five other managers to reduce the number of direct reports to New York-based global head of FX Beau Cummins.

"These changes streamline our management structure and make it more economical, while preserving the benefits of the present matrix of products, functions and regions," Cummins said. "To have 12 direct reports was unwieldy, but it gave me access to a lot of good ideas." He added that he is confident that the changes will continue to drive the overall growth of the business.

Alan Collins, London-based global head of forex for Europe, the Middle East and Africa (EMEA), who also takes on responsibility for Asia, now reports to Cummins, Arrington Mixon, head of global markets in EMEA and Goetz Eggelhofer, head of global markets, Asia. Lee retains his former responsibilities but now reports to Collins.

Cameron Davidson takes on responsibility for US large corporates, in addition to his existing role as head of the bank’s North America consumer and commercial banking – the middle market. He reports to global head of FX sales Gotelli. BoA has seen a substantial increase in sales to the retail and automation client business, said Cummins, so Jane Guyett, who previously had multiple roles within the FX business, now focuses solely on the retail and automation client business. She reports to Gotelli. Arnold Miyamoto, head of risk management advisory, now also reports to Gotelli.

In addition to Collins and Baum, three other global managers continue to report to Cummins. These are: Gotelli in global FX sales, Bronia Jenkins, global head of FX options, and Umran Zia, global head of prime brokerage.