With the summer holidays officially ending, the industry is witnessing and uptick in personnel moves, namely across the FX industry. These movements have also extended to BAML as the banking group axed two senior officials on two continents in a bid to cut its investment banking business.
Doug Horlick, the Head of FX Institutional Sales for the Americas, has parted ways with BAML, ending a five-year stint. He was previously in charge of FX hedge funds at Goldmach Sachs before joining BAML, whilst also serving in a senior FX sales role at Citi between 2004 and 2005.
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Conversely, BAML has also waved goodbye to Sowen Ng, Head of Asia-Pacific (APAC) FX sales in Hong Kong. The move represents a curious one, given the already emerging signs of recovery in FX volumes, specifically institutional volumes in recent months. It is unclear where both individuals will end up at this juncture or whether BAML will continue its personnel consolidation.