Bank of America's ex-top hedge fund guy has a new job after ill-fated foray

Malcolm Pratt spent eight years at Bank of America, where he became the co-head of EMEA high touch sales trading. When he left for Clear Street in March, it seemed to be the start of something exciting. Self-described as an "independent prime broker" and technology firm, Clear Street was hiring heavily, paying heavily and (we suspect) handing out stock in anticipation of a potential IPO.

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In fact, Pratt's new career at Clear Street lasted only five months - or less, when you consider the time he spent working there. After a three-month notice period from BofA, Pratt arrived at Clear Street in June. And then in mid-August, he left again.

After a few weeks off, Pratt is now understood to be joining RBC as a hedge fund sales trader instead. RBC declined to comment on his arrival, and Pratt didn't respond to a request to comment. 

Pratt's departure from Clear Street follows a round of brutal cuts at the London office, where people hired only months before, left again this summer. Matt Cyzer, Phil Hylander, Luke Holmes and Stu Holt quit originally and Pratt followed. It's understood that both the high touch and low touch desks at Clear Street in London have been hollowed out. However, Clear Street told us previously that it's still "committed to its build out in the UK and the EU" and said it only let go of "a small portion of London-based team members, representing one group partially responsible for regional equity execution."

Pratt isn't the only one to have found a new job. Luke Holmes announced this week that he's joining JPMorgan.

The episode might be read as a warning against leaving a large bank for a promising fintech.

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