Fabrizio Gallo, the global co-head of equities at Bank of America, is leaving the firm just months after a management shake-up at the top its sales an
Fabrizio Gallo, the global co-head of equities at Bank of America, is leaving the firm just months after a management shake-up at the top its sales and trading operation.
Gallo, who has led Bank of America’s equities division, has resigned and will be replaced by Soofian Zuberi who was installed as co-head of the US bank’s stock trading unit amid a series of management changes unveiled in late-July, according to an internal memo seen by Financial News.
“During his tenure at the firm, he has played a strategic, important role in building our equities franchise,” said the memo from Tom Montag, chief operating officer at Bank of America. “Amongst his many legacies, he helped develop an electronic infrastructure that is critical to our success and a Prime Brokerage business that has become an industry leader.”
Bank of America unveiled a shake-up of its senior ranks within the markets division in late July, with James DeMare, co-head of its fixed income currencies and commodities unit promoted to president of its global markets business. Gallo, who had held a firm hold of the leadership of its stock trading unit for years, had Zuberi installed as his co-head as part of the changes.
Gallo was considering leaving the bank in August, Bloomberg reported, after being overlooked for a promotion. The shake-up followed a leaked recording of a conference in April, which was reported by the New York Times and CNBC, in which Gallo made comments about the need for “critical” workers to return to the office amid the pandemic lockdown.
Gallo joined Bank of America from hedge fund Brevan Howard in 2011, having previously held senior positions at Morgan Stanley, and oversaw a transformational period for its equities unit. He built it up through a hiring spree in 2015, and was instrumental in utilising technology to help gain market share.
Bank of America’s equities trading unit revenues are up by 18% to $4.1bn for the first nine months of this year.
“It’s been an honour to lead the division for the last nine years. We have built a world-class team to serve our clients and we are proud of our collective accomplishments,” Gallo said in the memo announcing his departure.
Zuberi is a 25-year veteran of Bank of America, who has held numerous senior positions including head of global equities sales and head of its equity underwriting unit for Asia-Pacific. He will report into DeMare in his new position.
Business Insider first reported the move.
Source : www.fnlondon.com
