- Fang to head Americas fixed-income sales on interim basis
- Weadock joined Bank of America in 2009 from JPMorgan
Bank of America Corp.’s Bryan Weadock is stepping down from his role as co-head of global fixed-income sales to take personal leave, joining a growing number of senior Wall Street bond executives moving on amid an industrywide slump.
Karen Fang, head of cross-asset strategies and solutions, will run fixed-income sales in the Americas on an interim basis and report to Sanaz Zaimi and fixed-income trading co-chief Jim DeMare, according to a staff memo obtained Wednesday by Bloomberg. Zaimi, who was Weadock’s co-head, is now the unit’s sole leader. Jessica Oppenheim, a spokeswoman, confirmed the memo’s contents.
Wall Street banks are signaling a particularly brutal start to the year after more than half a decade of shrinking revenue from fixed-income operations, once the biggest driver of the industry’s profits. A slump in oil prices and China’s economic slowdown have hammered the bonds of emerging-market companies and countries over the past year, slowing issuance and trading. The situation worsened for banks in recent months, as broader market swings prompted more investors and companies to hold off on transactions.
At the biggest investment banks, revenue from fixed-income sales and trading fell to $61.8 billion last year, marking the fifth decline in six years, as stiffer regulations took hold, according to Bloomberg Intelligence. This quarter has been challenging as well: By early March, Bank of America’s revenue from those trading operations -- which includes credit, currencies and commodities -- was down about 10 percent from the same period of 2015, people with knowledge of the matter said earlier this month.
Weadock, 53, joined Bank of America in 2009 as head of fixed-income sales in the Americas from JPMorgan Chase & Co., where he was head of investor client management. He had spent 17 years at that firm, according to records maintained by the Financial Industry Regulatory Authority.
Fang, 40, came to Bank of America in 2010 from Goldman Sachs Group Inc., where she led the pension, endowment and foundation cross-asset solutions group. She reported to Weadock in a new role across bond and stock operations that sold investment and hedging solutions “for all client segments,” according to a company statement at the time. Before that, the derivatives specialist worked at American International Group Inc. and Deutsche Bank AG.
At Citigroup Inc., the latest departures include James Nessel, who led U.S. high-yield trading; Jay Huang, who headed trading in collateralized-debt obligations; and Gaurav Gupta, who ran the European business for trading collateralized-loan obligations, people familiar with the matter have said. At JPMorgan, exits include Robert Milam, who ran its emerging-market corporate and sovereign credit group, people familiar with the situation said. In January, Morgan Stanley replaced its fixed-income co-heads, with one of them, Michael Heaney, leaving the firm.
In Europe, Credit Suisse Group AG’s Matthew Courey, who led high-yield bond trading in London, said he’s leaving to do charity work. Departures at Barclays Plc include Dan Crowley, who led distressed-debt trading; Anthony Bugliari, head of U.S. high-grade bond trading; and Mark Bamford, head of fixed-income syndicate.