JPMorgan MD in London left for Bank of America after all
While most of the (finance) world has reeled in fear and apprehension since the start of Donald Trump’s presidency, one group of people have been rubbing their hands in glee: sales & trading professionals working with macro products in particular. And banks, in turn, are adding them.
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Plamen Balchev joined Bank of America yesterday in London to head up the firm’s hedge fund rate sales team in EMEA. Balchev joined BofA from JPMorgan in the city, where he spent 12 years. He was at Morgan Stanley for three years before that.
Balchev was known to be leaving JPMorgan; his appearance at BofA is more of a confirmation than anything else. Various rates salespeople have moved around, post-bonus season.
Rate cuts have been unpredictable in 2025, with the Bank of England saying that the market is in an “age of uncertainty”. Companies might not like that uncertainty, but traders do: it’s their chance to prove their worth (and earn some big bonuses in the process).
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