People moves: BofA redundancies hit FX division
The knife has been wielded at Bank of America/Merrill Lynch. “Some of our FX staff have been put at risk of redundancy today but as explained previously, we are not breaking out details by line of business or region. The reductions are part of the 30,000-35,000 positions that we announced on December 11, would be eliminated over the next three years due to the acquisition of ML and the weak economic environment,” says a spokeswoman.
Among those “at risk of redundancy” are Neil Petch-Smith and Martin O’Donough in London, Emma Low and Catherine Lai in Singapore and Eric Scmidt and Dave Katalan in New York. Katalan at least should have seen it coming, as he left BofA for Merrill less than a year ago.