New co-heads of global foreign exchange options at BoA

Bae will join from Goldman Sachs, where he has worked for 10 years. His most recent position was managing director in the equity derivatives trading group. Before this he worked in the currency options trading group for eight years.

Gillie has worked at Credit Suisse for more than 10 years, where he was most recently appointed head of the Asia forex businesses.

The new recruits will report to Chris Vogel, head of currency trading for G-10 currencies. An official at the bank said their locations are yet to be decided, but it is expected Bae will be based in London and Gillie in New York.

They will replace Frank Rawlins, who was appointed global head of foreign exchange options in December 2006. Rawlins will remain at the firm, assuming a different as yet unnamed role.