BofA drops European ABS team
Bank of America has axed its 20 strong EMEA ABS origination team.
The group, headed by Steve Skerrett, was a victim of the 650 job cuts announced last week as part of BofA’s reduction of investment banking activities. The CMBS team, headed by Nigel Milner, is unaffected.
BofA hired three senior securitisation bankers from UBS in 2005 to build a European franchise with a mandate to engage in principal finance. The bank failed to make significant headway, however, with only a handful of public deals outside of the structured credit sector.
Some junior bankers may be
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