If you're at Bank of America Merrill Lynch in London, this is unlikely to be new news, but for equities professionals elsewhere in the City it might come as a revelation: Daniel Sanders, one of BofA's most senior equities professionals in the City, has migrated.
Sanders, who was co-head of equities trading for Europe, the Middle East and Africa (EMEA) moved to New York in October 2018. His move was not reported at the time. In his new role, Sanders is understood to be heading execution services trading for the Americas region.
BAML insiders say Sanders was one of the longest serving equities professionals at the bank in London. He's understood to have started his career at Smith New Court, formerly the UK's largest independent stock broker, which Merrill Lynch bought in 1995. One former colleague says he worked with him there in 1985. Sanders' exit is therefore likely to be felt keenly among colleagues.
Sanders' migration and focus on execution comes both as equities divisions in Europe have been struggling with MiFID II and as banks everywhere focus more heavily on executing trades electronically.
Revenues in Bank of America's equities sales and trading business increased nearly 20% in the first nine months of 2018 compared to the first nine months of 2017 (compared to an increase of 19% at Citi, 22% at J.P. Morgan and 15% at Goldman Sachs). However, intelligence firm Tricumen says BofA's cash equities business under-performed compared to rivals during the same period.
Bank of America declined to comment on Sanders' move. Andrew Mitchell, who was formerly co-head of EMEA equities trading alongside Sanders, is now sole head of EMEA equities trading at the bank.
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