Bank of America loses credit correlation trading head

Alexandre Bernand, the London-based global head of credit correlation trading at Bank of America, has resigned.

Bernand told RiskNews he is currently waiting out his 'gardening leave' period. But he plans to join Deutsche Bank, where he is expected to be named global head of the German bank's correlation and cash collateralised debt obligation (CDO) business within its London structured credit unit.

Spokespersons at both Bank of America and Deutsche Bank declined to comment on the matter. But one source close to Bank of America said senior CDO specialists there were “jostling for position” and a decision about Bernand’s replacement could be made this week.