William Cumming, who two weeks ago quit Citigroup Global Markets to join Bank of America as head of European asset-backed and mortgage-backed securities finance and origination in London, has done an about face and returned to Citigroup. The story was first reported last week at www.bondweek.com. Calls to BofA were referred to Elizabeth Wood, spokeswoman, who said: "William Cumming is no longer joining BofA." She declined comment on the reason for Cumming's volte face. Cumming could not be reached for comment.
Cumming is expected to rejoin his former team at Citigroup, where he is expected to resume reporting to Marcus Giancaterino, European head of securitization in London. Calls to Giancaterino were not returned.
At BofA, Cumming reported to Arrington Mixon, head of international debt in London and George Ellison, global head of asset securitization, finance and origination, based in Charlotte, N.C.
According to a BofA press release announcing his hire on May 6, Cumming is a 12-year Citi veteran. In his most recent position he was responsible for the origination, structuring and distribution of securitizations.