Bank of America (BoA) has closed its base metals and bullion desk, effective immediately.
The bank took the decision as part of its strategic review made in light of losses made during the credit crunch, a source at the bank told FO5.
Tony Shaw, who headed the desk along with Mike Corby in London and New York counterparts Russel Lynch and Mikel Vias have been made unemployed as a result of the closure.
BoA became category II members of London Metal Exchange in August 2006.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you