Bank of America Corp. (BAC)’s head of equities sales for the Americas Michael J. Lynch was replaced by Miceal Chamberlain and Edouard Matitia-Cohen as global equities chief Fabrizio Gallo shakes up the team, said two people with direct knowledge of the move.
Lynch, who had the role since 2011 and reported to global equities distribution head Soofian Zuberi, is joining the Charlotte, North Carolina-based company’s global markets senior relationship management team, said the people, who asked not to be identified because the changes aren’t public.
Bank of America, which reaped $3.3 billion in equities sales and trading revenue last year, is seeking to make gains against U.S. equities leaders Goldman Sachs Group Inc. and Morgan Stanley. There’s an “acute” battle for traders as firms attempt to climb the ranks, Colm Kelleher, head of Morgan Stanley’s investment bank and trading division, said this month.
Some Merrill Lynch employees who joined Bank of America in the 2009 acquisition said they were disappointed with the decision to replace Lynch, a 20-year veteran of their firm, one of the people said. Lynch reports to Mickey Strasser and George Livingston in the new role, which involves strengthening the firm’s relationships with its largest clients.
Lynch declined to comment. His replacements are splitting his responsibilities, with Chamberlain focusing on long-only accounts and Matitia-Cohen concentrating on hedge funds.
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