As a new year starts, Bank of America Merrill Lynch has carried out its traditional change to the management of its foreign exchange business.
The bank says it does not have a revolving door policy, but Chris Vogel, who was the bank’s head of G10 FX trading, becomes the latest on its long list of former global heads of FX. The bank says Vogel has not left, rather that he “will be assuming another position in the company.” It will be interesting to see what that is.
BofA adds that the G10 trading business will now be managed regionally. To outsiders that looks like David Gu, BofA’s global head of rates and currencies, is a believer in divide and rule.
Overall responsibility still rests with Gu, but the EMEA G10 business will report to Chris Bae, who joined the bank in October from Goldman Sachs. Bae is also co-head of global FX options.
Americas G10 reports to Tom Gillie, who is also co-head of global FX options. Gillie reports locally to Peter Antico, head of rates and currencies for the Americas, and globally to Gu.
Pac Rim G10 reports to Jin Su, head of Asia-Pacific rates and currency trading (excluding Japan-Australia), and Mitch Nadel, head of Japan and Australia rates and currency trading.