On almost the anniversary of what it termed a “functional alignment” of its FX business, Bank of America has made what appears to be a further set of substantial senior level changes. The bank announced last night the departure of Richie Prager, who managed its local rates, currencies and commodities (GRCC) businesses.
The reorganisation was announced in an internal memo to staff by Brian Moynihan, the bank’s president, global corporate & investment banking. US press report that Moynihan also announced he was promoting a gang of four to his leadership team; these are Mike Meyer, heading global fixed income; Ciaran O'Kelly, global equities; Bruce Thompson, global capital markets and George Ellison, global structured products and institutional client management.