- Salesmen in London, Davies and Hamilton-Shaw, also leave
- Exits are said to be part of 150 dismissals this week
Bank of America Corp.’s head of U.S. equity-research sales, Tim Reilly, has left the firm as it pares jobs across the investment bank this week, according to people with knowledge of the matter.
Reilly, a managing director in New York, departed this week as part of the dismissal of about 150 staff, said the people, who asked not to be identified because the moves haven’t been announced publicly. Alan Davies and Hugo Hamilton-Shaw, equity salesmen in London, were among the managing directors who left, the people said.
Selena Morris, a spokeswoman for the Charlotte, North Carolina-based bank, declined to comment. Reilly didn’t respond to telephone and e-mail messages, while Davies and Hamilton-Shaw declined interview requests.
This year’s global market turmoil, including the worst start ever for U.S. stocks, is putting pressure on Wall Street to trim operations as clients pull back and corporations refrain from selling some types of securities. Bank of America has been trying to cut investment-bank costs this year under an edict from Chief Operating Officer Thomas Montag.
Bank of America has collected 11 percent to 12 percent less revenue this quarter from equity trading, run by Fabrizio Gallo, compared with the first quarter of last year, a person with knowledge of the matter said last week.
Reilly had been employed at Bank of America’s Merrill Lynch unit for almost 10 years, according to records maintained by the Financial Industry Regulatory Authority.
Directors in the equity business who departed the bank this week include salesman Roger Gill and trader Barry Bolster in New York and, in Sydney, sales trader Sam Kanaan and research salesman Alex Pikoulas, the people said.
Robert Grillo, 49, the bank’s head of fixed-income electronic sales, also left this week, other people said Tuesday.