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Bloomberg
A senior Bank of America Corp. (BofA) bond trader is the latest person to depart from the company’s fixed-income division.
Shyam Rajan, head of US Treasury trading, is leaving after more than a decade with the firm. The company named Michael Maras head of global fixed-income, currencies and commodities research after prominent analyst David Woo decided to leave.
Wall Street often sees staffing changes around this time of year after bonuses are distributed, with financial firms competing to hire talent. At Bank of America, restraint on compensation and policy changes have sparked anger among some investment bankers and traders who expected bigger rewards after a banner year in 2020. More broadly, the biggest US lenders have become more frugal on pay as strains on consumer divisions ate into windfalls generated by their Wall Street operations.
Sales and trading revenue for Bank of America’s fixed-income, currencies and commodities division jumped 16% last year to $9.7 billion, according to a company filing.