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BofA Asia equity-trading head Droitcourt said to leave amid cuts
[HONG KONG] Arnaud Droitcourt, Bank of America Corp.'s head of Asia-Pacific equity trading, left the company as it cuts jobs to trim expenses, according to a person with knowledge of the matter.
Droitcourt, a Hong Kong-based managing director who oversaw both cash equity and equity derivatives trading, left Tuesday, said the person, who asked not to be identified because the departure hasn't been announced. He joined the bank in mid-2013 after a stint with Morgan Stanley, according to information posted on the website of the city's Securities and Futures Commission and his LinkedIn profile.
A spokesman for the bank declined to comment on the departure. Droitcourt didn't reply to a message sent through social media seeking comment.
Bank of America will dismiss 150 trading and investment- banking employees as Chief Operating Officer Thomas Montag pushes managers to cut costs, people familiar with the decision said last week. This year's global market turmoil, including the worst start ever for US stocks, is renewing pressure on Wall Street to pare operations.
Stock gauges in Japan, Hong Kong and China have declined more than 10 per cent this year in local-currency terms, among the six-biggest decliners among primary stock indexes tracked by Bloomberg globally.