Bank of America Corp. (BAC:US) hired analyst Paul Shea from Deutsche Bank AG (DBK) to join an equities sales team catering to hedge funds and other institutional clients, said two people with knowledge of the move.
Shea will join the Charlotte, North Carolina-based firm as a director on its event-driven desk, which involves securities linked to mergers and other corporate actions, said the people, who asked not to be identified because the move isn’t public. Shea was at Frankfurt-based Deutsche Bank for three years, most recently as a special-situations desk analyst, and previously worked at UBS AG (UBSN) and JPMorgan Chase & Co. (JPM:US), the people said.
Wall Street firms are under pressure as equities-trading revenue at the nine biggest companies dipped 11 percent in the first nine months of the year to $29.2 billion amid shrinking trading volume. Bank of America is ranked fifth by revenue, behind Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG and JPMorgan.
Shea will report to Michael Lynch, head of cash equity distribution in the Americas, the people said. Shea declined to comment on the move when reached by telephone.
To contact the reporter on this story: Hugh Son in New York at email@example.com
To contact the editors responsible for this story: David Scheer at firstname.lastname@example.org; Rick Green at email@example.com