REUTERS/Brendan McDermidBank of America is overhauling one of its most high-profile and lucrative businesses, its $8.4 billion fixed-income trading division.As part of the changes, Frank Kotsen, global head of credit trading and a 23-year company veteran, is departing the firm. Click here for more BI Prime stories
Kotsen, a 23-year lifer who joined the firm as a summer associate in 1995, has managed the firm's massive credit-trading group since 2014. The firm is also changing up its foreign exchange trading business, combing G10 Trading and Emerging Markets Local Currency Trading. Denis Manelski, a 15-year company veteran, will lead the combined group, according to the memo.
Mark Davies will cohead Global Markets Data and Innovation with Brice Rosenzweig. Davies, will also head Global Markets Data Management, "which includes realigning the Global Markets Data Strategy and Remediation Group under his leadership. In this capacity, he will lead the effort to drive our overall data management strategy."