James Austin has left Bank of America.
Sources say that Austin, who spent nearly 12 years at Bank of America, latterly as the London-based head of EMEA equities distribution, has left the bank. Bank of America declined to comment on his exit, but it's understood that Austin was let go by Martina Slowey, BofA's head of EMEA equities. Slowey has occupied her role since October 2020.
Insiders say BofA is splitting Austin's role in two. In the future, the bank will have a head of cash equities distribution and a separate head of derivatives and solutions distribution. BofA is already understood to have hired a new derivatives and solutions head from Citi, and is thought to be in the process of hiring the head of cash equities distribution externally.
Austin didn't respond to a request to comment on his exit. His departure seems to have come as a surprise to colleagues. So too has the fact that Nicola Lim, a managing director and head of EMEA advisory and swap sales who is close to head of global equities, Soofian Zuberi, wasn't promoted as a replacement.
Bank of America is due to announce its third quarter results on July 18th. Global equities sales and trading revenues at the bank were up 9.5% year-on-year in the first quarter.
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