Bank of America replaces securities head

Bank of America has hired Mark Werner from JP Morgan Chase to replace Jon Sandelman as its head of debt and equities division.

Sandelman, who has been in the job since February this year, but who joined Bank of America from Salomon Brothers in 1998, has left to start his own hedge fund.

Werner joins the firm from JP Morgan Chase, where he has worked for 22 years. His most recent role was running the North American interest rate markets and the global futures and options businesses. Based in New York, he will start his new job on October 27 and report to Alvaro de Molina, chief executive of Banc of America Securities.

De Molina was promoted in June after Edward Brown, the former chief executive, retired.

Earlier this month, Bank of America announced plans to spend about $600 million expanding its corporate and investment banking business.