Chris Mandell has apparently left her role as head of currencies and local markets and head of sales for global rates, currencies and commodities (GRCC) at Bank of America (BofA). Sources say that she decided to quit after being asked to take what is described by some insiders as “one sideways step too many”.
Mandell, who joined BofA back in 1989 as a foreign exchange (FX) adviser, had previously been head of global FX until a re-organisation in July of this year that saw Gerhard Seebacher named as head of trading GRCC.
Mandell was seen as having played a key role in boosting BofA’s FX business. In this year’s benchmark Euromoney survey, the bank ranked sixth for overall market share – its highest ever placing.
It is not clear whether Mandell’s departure is part of a more widespread reorganization. Last week BofA announced it was planning a full strategic review of its investment banking business after it reported a $1.45 billion trading loss in the third-quarter of 2007. Although it closed its base and precious metals desks in London and New York yesterday (Monday), sources report that the wider FX business seems to have escaped, at least for the time being, from a widespread cull.