Beat Nussbaumer, formerly Managing Director and Global Head of FX Spot at Commerzbank AG, has joined US-headquartered Bank of America Merrill Lynch. Mr. Nussbaumer will serve as Managing Director of Foreign Exchange, and will be based in London.

In January it was reported that, as part of an internal restructuring, Commerzbank was transferring up to 70 positions from London to Frankfurt. This move has allowed the German bank to consolidate its risk management capabilities and to bring its traders closer to the bank’s platforms in the Frankfurt headquarters.

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Mr. Nussbaumer’s transition represents the second such departure of a key head at Commerzbank AG recently

Mr. Nussbaumer has been a veteran in the FX industry for over three decades, having worked at a number of leading banks. He joined Commerzbank AG in 2012, having been based out of London during the duration of his tenure there.

Prior to Commerzbank, Mr. Nussbaumer also held an executive level role at UniCredit, where he served as the Managing Director, European Head of FX Cash. Additional stops also included Goldman Sachs, Morgan Stanley and Union Bank of Switzerland (UBS) in other FX and trading related roles.

Mr. Nussbaumer’s transition represents the second such departure of a key head at Commerzbank AG in as many months, following the abrupt departure of Stefan Hamberger, Head of Electronic Sales for fixed income and currencies (Fic), after nearly a decade at the bank.