Bank of America Corporation's Matthew Montana, who ran international equities trading from New York, was among more than 30 trading and sales employees dismissed this month, people with direct knowledge of the moves told Bloomberg on Friday.
Montana, a managing director, was among staff targeted as the Charlotte, North Carolina-based lender sought to reduce compensation costs, said one of the people, who asked not to be identified because the moves weren't announced.
Wall Street firms are shrinking expenses amid a slump in stock transactions. Bank of America's revenue from equities sales and trading declined 24 per cent last year to $3bn, while fixed-income, currency and commodities trading sales were almost unchanged at $8.8bn.
Co-Chief Operating Officer, Thomas K. Montag, 56, oversees the trading and investment banking divisions of the second-biggest US lender.
"In capital markets, that's where technology has really hit the equity business, and as the business gets smaller, there's less room for managing directors," said Richard Lipstein, managing director of New York-based recruiting firm Gilbert Tweed International.
The bank also eliminated a position held by Matthew Unsworth, head of Australian equities in Sydney, a person with knowledge of that decision said earlier this month. Equities trading, sales and risk personnel in Australia will now report to managers in Hong Kong, the person said.
