Bank of America Corp. and Citigroup Inc., the second and third biggest U.S. lenders, selected new managers to help run the firms’ rates-trading desks.
Bank of America is hiring Barclays Plc’s co-heads of Treasury trading, Charles Parkhurst and Adam Brown, for positions reporting to co-heads of North America Rates Trading Denis Manelski and David Moore, said a person with knowledge of the moves. At New York-based Citigroup, Roland Wikstrom will replace Nicholas Brophy as U.S. head of G-10 rates trading, according to Danielle Romero-Apsilos, a bank spokeswoman.
Bank of America’s investment bank, run by Co-Chief Operating Officer Thomas K. Montag, is pursuing selective hires after freeing payroll by cutting more than 30 employees, said a person with knowledge of the strategy. Equities operations were the hardest hit by cuts, the person said.
Parkhurst, 52, will run U.S. Treasuries trading and Brown, 37, will oversee North America Rates Electronic Trading at the Charlotte, North Carolina-based bank, said the person, who requested anonymity because the moves were private. Both were managing directors at London-based Barclays. Brandon Ashcraft, a spokesman for Barclays, declined to comment.
Citigroup’s Wikstrom previously was the unit’s head of risk treasury, said Romero-Apsilos. Brophy’s departure ends a four- year tenure at Citigroup during which he was one of the lender’s most senior rates-trading executives. The rates business, run from London by Andy Morton, buys and sells products including Treasuries, inflation-protected bonds and interest-rate swaps.
Brophy said will do more with the Worldwide Orphans Foundation, where he has been a director since 2011. The charity works to “transform the lives of orphaned children to help them become healthy, independent, productive members of their communities,” according to its website.
He joined Citigroup in 2009, shortly after the lender’s $45 billion government bailout. He previously worked for Merrill Lynch & Co., including roles as head of options-trading, derivatives-trading and co-head of rates trading, according to the Worldwide Orphans’ website.
Brophy also worked briefly at the Federal Reserve Bank of New York, where his duties included working on the fallout from the rescue of American International Group Inc., he said.