Bank of America Corp. named Michael Maras head of global fixed-income, currencies and commodities research after David Woo decided to leave the company. It also appointed a new head of currency trading for Brazil.
Maras will take on the new duties while continuing to lead research in the Europe, Middle East and Africa region from London, according to a memo to staff from Candace Browning, the bank’s head of global research. The contents of the memo were confirmed by a company spokeswoman.
Maras, who has almost three decades of experience in the financial industry, joined Merrill Lynch in 1996 as its head of European equity derivatives research.
Woo departed Thursday after more than 10 years at the bank, most recently overseeing global rates, foreign exchange and emerging-market fixed-income strategy and economics research. He’s known across Wall Street for his bombastic style and bold, contrarian forecasts. In 2016, Woo received a standing ovation from colleagues on the trading floor after he correctly predicted Donald Trump’s surprising presidential-election victory, he told CNBC at the time.
Wall Street firms often undergo staffing changes around this time of year after bonuses are distributed. At Bank of America, restraint on compensation and policy changes have sparked anger among investment bankers and traders who expected greater rewards after a bumper 2020. More broadly, the biggest U.S. lenders have gotten frugal on pay as strains on consumer divisions countered a windfall from Wall Street dealmaking and trading.
In foreign exchange, Bank of America named Flavio Corsini head of Brazil local currency trading, according to a memo from country head Eduardo Alcalay and global foreign-exchange co-heads Carlos Fernandez-Aller and Denis Manelski. Corsini, who joined the firm in 2010, will replace Vinicius Fukushiro, who is leaving the firm after 15 years. A company spokesman confirmed the contents of the memo.
In London, Iain Szucs, the bank’s head of foreign-exchange sales for the Europe, Middle East and Africa region, departed earlier this month, according to a person familiar with the situation.