Bank of America's big Brians

There are a lot of Brians at Bank of America. There is Brian Moynihan, the CEO, and there are Brian Carosielli and Brian Weinstein, who until last week were the co-heads of credit trading. 

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While Brian Moynihan is still doing the same job, the other Brians are not. Following last week's BofA shakeup, Brian Carosielli is now the sole head of credit trading globally. Brian Weinstein, however, has been moved to become the EMEA head of global markets, including all fixed income and equities products, as well as the head of EMEA fixed income currencies and commodities (FICC) trading. 

Weinstein's job is a regional promotion in a region where BofA is growing, but there are nuances. In a year when credit trading revenues are thriving and at their highest level in four years according to BCG Expand, Weinstein is no longer co-head of BofA's big credit business globally. If you want a big bonus in BofA's credit business this year, Carosielli rather than Weinstein appears to have become the person to know. This gives Carosielli a degree of power internally.

Weinstein, by comparison, is now running a European team that has a broader focus. He's head of the powerful and growing European FICC business, but he will likely work with the subheads of each trading desk in the region to allocate this year's bonuses. It's a role that insiders say has a regulatory interface with the British Prudential Regulation Authority and that was previously done by the likes of Mayursinh Jethwa, who left in 2021. 

BofA isn't commenting on the reorg. Both the Brians will report to Jim DeMare, the popular fellow shaking up BofA's markets business globally in NY. But Carosielli is now the sole head of global credit. DeMare and Carosielli have history: DeMare was formerly global head of securitized products for BofA and was former the global head of securitized products trading and part of his team. Weinstein, by comparison, evolved in emerging markets. 

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