BofA pushes out Goldie-Morrison

Duncan Goldie-Morrison, head of the global markets group at Banc of America Securities in New York, has become the latest high-profile casualty in the long list of Wall Street redundancies. His position has been abolished as part of another large reorganisation at the bank.

Banc of America said the reshuffle of the global markets group would create three new business segments reporting directly to Ed Brown, president of its global corporate and investment bank.

Following Goldie-Morrison's departure, William Fall will head the global corporate and investment bank’s international and global risk management, comprising his current responsibilities as head of global structured products and head of international in addition to new oversight responsibilities for global foreign exchange and global rates and commodities. Bill Hodges will continue to head global debt capital-raising and have oversight of fixed-income research added to his responsibilities. Chris Mandell will continue to head global institutional sales. They will all report to Brown.

Goldie-Morrison is a well respected figure in the derivatives industry and appeared in Risk magazine’s 15th anniversary hall of fame in December 2002. In 1980, he was involved in setting up a pioneering special-purpose swaps subsidiary, Kleinwort Benson Cross Financing. He held positions at Australian bank Westpac and UK bank NatWest - now part of the Royal Bank of Scotland - both in London, before joining NationsBank in 1993, where he established the London interest rate derivatives business. He was lured back to Chicago by NationsBank, where he assumed management of all interest rate derivatives activities. In September 1998, he moved to New York to become head of the global markets group for Bank of America following its takeover by NationsBank.