Bank of America ejected a sweet-natured London MD who had been there forever

Bank of America is all about growing its European equity derivatives business this year. However, this does not preclude it from also making some cuts in cash.

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Sources at the bank say the axe fell in London yesterday and that one of those beneath it was Oliver Mudie, who had been with the bank for nearly 18 years and was one of a dwindling number of managing directors (MDs) in the cash team.

BofA declined to comment on Mudie's exit. It comes despite the fact that equities sales and trading revenues at the bank rose 20% year-on-year in the second quarter due to what CFO Alastair Borthwick described as "strong trading results in derivatives and cash equities."

Mudie joined Merrill Lynch in 2006 and segued into BofA when it rescued its rival. He was an MD in sales trading and seems to have been very popular. Colleagues described him as "just an unbelievably good guy."

There have been other cuts at Bank of America, including a few days before bonuses were announced in London. Last year, the bank made various cuts in both equities and equity research. 

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