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Bank of America cut a head of equity derivatives trading in London

Bank of America might be busy building out its fixed income sales and trading business, but it's also still making 4,000 job cuts and trying not to replace people who leave as it squeezes costs. 

Last week, those cuts came to the bank's European equities sales and trading business. Sources say that Sasha Diklich, the bank's head of micro derivatives trading in London left after 10 years, along with Rafael Oskoui, a senior trader on an internal hedging desk also known for his London garden. 

Bank of America declined to comment. Its equities sales and trading revenues fell 11% in the first half of 2023, a decline that the bank said was "driven primarily by weaker trading performance in derivatives."

BofA's London equities business also made numerous cuts in May. 

In fixed income sales and trading, the bank has doubled its EMEA salesforce since 2021. The hires there seem to be paying off: BofA's fixed income revenues were up 18% year-on-year in the second quarter, despite double-digit percentage falls elsewhere. 

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Photo by Dorin Seremet on Unsplash

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AUTHORSarah Butcher Global Editor

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