By Christina Rexrode And Jenny Strasburg
Bank of America Corp. on Tuesday tapped Bernard Mensah and James
DeMare to be the co-heads of global fixed-income, currencies and
commodities trading, according to people familiar with the
situation.
Mr. Mensah and Mr. DeMare will take over Jan. 1, according to a
memo sent by Chief Operating Officer Thomas Montag. He also runs
investment banking and other units that deal with business clients
and institutional investors.
Mr. Mensah and Mr. DeMare will replace David Sobotka. The Wall
Street Journal reported in November that he would retire by the end
of the year. Mr. Sobotka felt ready to leave because the bank had
made progress in FICC trading faster than had been anticipated, the
Journal reported.
Mr. DeMare joined the bank in 2008 and is currently head of
global securitized products and real estate portfolio management.
He will continue to be based in New York.
Mr. Mensah joined the bank in 2010 and currently runs FICC
trading for Europe, the Middle East and Africa and emerging
markets. He will continue to be based in London.
Mr. Montag said the bank will work to provide products that
clients need, "while ensuring we maintain a strong risk management
culture as the industry continues to evolve." Both Mr. DeMare and
Mr. Mensah will report to Mr. Montag.
Write to Christina Rexrode at christina.rexrode@wsj.com and
Jenny Strasburg at jenny.strasburg@wsj.com
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