Banc of America Securities plans to consolidate its liquid products desks in New York and move them to Broadway offices near Times Square by the summer. The plan comes after a rapid build-up of the liquid products businesses--including rates trading, sales and research--in recent years caused desks to grow in different locations, according to one official at the firm. The move is primarily motivated by space issues.
As part of the move, the Chicago-based fixed-income derivatives desk will join the New York-based commodities, Treasury, agency, foreign exchange and possibly the mortgage-backed desks, which are all currently located at 9 W. 57th St. in New York. Combining the different aspects of the liquid products businesses will make interaction easier, according to the official.
