Bank of America has hired Eric Ohayon, head of fx structuring at Lehman Brothers in London, to build up its fx structuring business in Europe. Ohayon said he reports to Alan Collins, head of the fx business in London. Ohayon replaces Greg Kaldor, managing director in foreign exchange sales in London, who moved over from a structuring to sales role last year, Kaldor said. Collins referred calls to Rhiannedd Jones, spokeswoman in London, who confirmed that BofA is beefing up its fx structuring presence, but declined further comment.
One reason BofA is dedicating resources to this area is that investors will need more sophisticated fx analytic tools to comply with International Accounting Standard 39, which requires companies to mark derivatives positions to market. The new rule goes into effect in 2005, Kaldor explained.
Ohayon left Lehman Brothers late last year and reported to Mark De Gennaro, global head of fx sales (DW, 1/6). De Gennaro did not return calls. A Lehman spokeswoman declined comment.
