Bank of America's European high yield trading team sprung a leak
Bank of America's bonuses are paid and people there are moving on. The London high yield trading team has experienced several hasty exits.
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Bank of America isn't commenting, but we understand that two people have left and that more may follow. Robert Laux, the head of European high yield trading at BofA, is understood to have quit and to be enroute to UBS. Justin Mullem, a more junior credit trader, is said to be off to Barclays, and other members of the team are allegedly open to moving on too.
It's not clear what the issue is - or indeed whether there is one. Bank of America's fixed income bonuses for 2025 are thought to have been "not bad."
Robert Laux leaves his brother behind at BofA. Nick Laux runs global equities at the US bank, after joining from Morgan Stanley in 2023. There was some early whinging about EMEA equities bonuses at BofA, so Nick could maybe call his brother once he's settled in.
Bank of America strengthened its high yield credit trading team last year when it recruited Gajern Kailavasan from Deutsche Bank. Kailavasan is a rising star. However, he worked with Laux and may now be exhibiting less shine.
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