David Sobotka, who became Bank of America Corp. (BAC)’s sole chief of fixed-income trading yesterday, named Will Roberts head of global rates and structured credit, said three people with knowledge of the move.
Roberts, 45, spent five years at Goldman Sachs Group Inc. until 2008 and joined Bank of America in 2011 to work with his former boss, co-Chief Operating Officer Thomas K. Montag, said the people, who asked not to be identified because the change hasn’t been announced publicly. He will be in charge of sovereign debt, swaps and rate-options trading.
Sobotka oversees a business that generated 13 percent of Bank of America’s revenue in 2012. He becomes head of fixed-income, currency and commodities trading after co-leader Gerhard Seebacher said he would leave at the end of the month, the people said. Sobotka reports to Montag, the former Goldman Sachs trading head who became Bank of America’s co-chief operating officer in 2011.
Roberts was head of structured credit at New York-based Goldman Sachs and led counterparty portfolio management at Bank of America, the people said. The Charlotte, North Carolina-based firm is the second-biggest U.S. lender by assets.
The appointment is the latest change under Sobotka. He named James DeMare head of global mortgages and securitized products after Michael Nierenberg joined Fortress Investment Group LLC, according to a memo obtained by Bloomberg News.