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BofA said to join Citigroup in selecting new rate-trading heads

BofA brings on Charles Parkhurst and Adam Brown

By Elizabeth Stanton, Donal Griffin and Hugh Son

April 3, 2013 • Reprints

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.

Bloomberg News

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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bank 6455Citigroup Inc. 603Bank of America Corp. 596Barclays Plc 573investment bank 415North Carolina 251Federal Reserve Bank of New York 181American International Group Inc. 81Merrill Lynch & Co. 32Danielle Romero-Apsilos 11David Moore 7Andy Morton 4Thomas K. Montag 3Denis Manelski 2Brandon Ashcraft 2North America Rates Electronic Trading 1Worldwide Orphans Foundation 1Adam Brown 1Charles Parkhurst 1Nicholas Brophy 1Roland Wikstrom 1

Free Newsletter Modern Trader Follow

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