BofA's Head of Fixed-Income Electronic Sales Said to Departby and
Robert Grillo, a managing director, joined bank in 2009
Global head of foreign-exchange sales also leaves company
Bank of America Corp.’s head of fixed-income electronic sales, Robert Grillo, has left the company amid a round of job cuts across the investment bank, according to people with knowledge of the matter.
Grillo, 49, a managing director who led electronic sales since 2014 and previously was global head of rates sales out of London, was among about 150 people to be dismissed this week, said the people, who asked not to be identified discussing personnel matters. Jessica Oppenheim, a spokeswoman for the Charlotte, North Carolina-based bank, declined to comment.
This year’s global market turmoil is putting new pressure on Wall Street to pare operations as clients pull back and corporations refrain from selling some types of securities. Investment banks already were struggling to overhaul fixed-income units amid stiffer capital rules and a trading slump. Last year was the worst for fixed-income trading since 2008, according to research firm Coalition Development Ltd.
Grillo joined the bank from JPMorgan Chase & Co. in 2009 to run rates sales for the Americas fixed-income team. Before that he worked at HSBC Holdings Plc and Deutsche Bank AG. He’s among the most senior executives to be affected by this week’s job cuts at the investment bank, run by Chief Operating Officer Thomas Montag.
Separately, global head of foreign-exchange sales Kevin Connors left the bank to pursue philanthropic interests, according to a memo last week from Bryan Weadock and Sanaz Zaimi, co-heads of global fixed income sales. Connors’s replacement will be announced in coming weeks, according to the memo.