People moves: Door still revolving at Bank of America/Merrill
Stability seems to be a characteristic of those banks that are at the top of the pile in FX. But it is a word that does not appear to be in the vocabulary of those running Bank of America/Merrill Lynch. The latest senior person to leave the firm is Vincent Delorenzo, head of FX sales for EMEA. Delorenzo was moved across to sales from his role in short-term interest rate trading following the banks' merger, so he was always going to have a tough time. But he hardly had a chance to get his seat warm before he was getting ready to pack his bags at the bank's Newgate Street building in London. A BofA spokesperson confirmed his position has been put at risk of redundancy. Sources say that as the turmoil continues at BofA, he's unlikely to be the last.