Bank of America Corp. (BAC) hired Peter Johnson, head of JPMorgan Chase & Co. (JPM)’s global futures, options and over-the-counter clearing operations, for a similar role at the biggest U.S. bank by assets.
Johnson is expected to join Charlotte, North Carolina-based Bank of America in October, the firm said today in a statement. He will be based in Chicago and report to Denis Manelski, head of global short-rates trading and Stuart Hendel, head of the global prime brokerage, the company said.
“Bringing him on board underscores our commitment to the futures and OTC space at a critical time as the industry continues to evolve,” Manelski and Hendel said in the statement. “Peter is a highly regarded industry veteran with a proven track record.”
Bank of America is bolstering the management ranks of its prime brokerage, which it gained in the 2009 takeover of Merrill Lynch & Co. The department oversees hedge fund and other institutional investor clients, offering securities lending, financing and cash management.
Johnson spent 19 years at New York-based JPMorgan, Bank of America said. His position at the lender is a new one, said Kerrie McHugh, a spokeswoman for the firm. Bob Burke and Gonzalo Chocano, co-heads of the global futures and derivatives clearing services group, will report to Johnson, she said.
Last month, Bank of America hired several senior executives from competitors for its prime brokerage business in London, including Nomura Holdings Inc.’s Daniel Katz as head of stock loan and structured marketing for Europe, the Middle East and Africa and Morgan Stanley’s Ross McDougall as head of EMEA stock loan trading. Hendel joined Bank of America from UBS AG in June.
Globally, Bank of America’s prime brokerage business was ranked third by hedge funds in a Global Custodian magazine survey, behind Deutsche Bank AG and Morgan Stanley, while JPMorgan placed sixth. In Europe, Bank of America ranked No. 1.
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