Jan. 31 (Bloomberg) -- Yunho Song, who oversees Bank of America Corp.’s rates and currencies business in Europe, has stepped down from his role, said a person briefed on the matter.
The person, who asked not to be identified because they weren’t authorized to speak publicly, declined to comment on the reason for Song’s departure. The move was reported earlier today by efinancialcareers.com.
Song joined Bank of America in 2010 from Lehman Brothers Holdings Inc., where he was head of rates proprietary trading. Before that, he was a money manager at hedge-fund BlueCrest Capital Management LLP’s office in Newport Beach, California. He is also a director of LCH.Clearnet Group Ltd., the clearing house controlled by London Stock Exchange Group Plc.
Song didn’t return an e-mail seeking comment. A colleague who answered his office telephone declined to take a message. Saima Farooqi, a spokeswoman for the Charlotte, North Carolina-based lender, declined to comment.
Bank of America, the second-biggest U.S. lender by assets, was one of the few financial firms to report an increase in revenue at its fixed-income, currencies and commodities businesses in the fourth quarter, as traders across the industry struggle with shrinking volumes, declining volatility and low interest rates. The unit posted a 16 percent increase in revenue to $2.1 billion in the period.
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