In recent weeks, Bank of America has made more than 20 new hires for its equities business across Europe and the US, including Chris Cormier as new equity capital markets managing director.
New hires in the EMEA region include Ulick Burke from Credit Suisse as new head of UK institutional sales, Marco Schaerer from Barclays on derivatives sales, Jeremy Elster from Citi for the industrials specialist sales team and Tan Phull from J.P. Morgan as head of equities electronic trading for EMEA, according to eFinancialCareers.
Last week, it was reported that Bill Frauenhofer has been hired as head of global semiconductor investment banking. Frauenhofer has moved from Jefferies, the global investment banking group, where he was head of global semiconductor and electronics coverage, according to an internal memorandum. He has 20 years’ worth of banking experience, having previously led similar teams at Citigroup and UBS.
According to eFinancial Careers, Bank of America are in competition with Deutsche Bank to strengthen their equities business and are ensuring success by filling more business development positions.
“Bank of America’s push suggests that 2015 is shaping up as a good year to seek a new job in the sector – Especially if you’re a salesperson with an ample book of contacts,” eFinancial Careers reports.
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.
A study of UK chief financial officers (CFOs) by recruitment consultant Robert Half finds that most nurture ambitions to take over the chief executive’s role.
By 2020 global government spending will reach US$35 trillion against US$28 trillion in 2015, according to business information group MarketLine.