Bank of America adds 5 staff to Asia commods team
SINGAPORE, Sept 1 (Reuters) - Bank of America Merrill Lynch (BAC.N: Cotización) said on Tuesday it has added five senior staff to its Asia Pacific Commodities team, in yet another sign that the sector is on the road to recovery after a year-long downturn.
The bank said it had appointed Peter Beaumont as managing director and head of Metals and Mining Sales and Origination for Asia Pacific, based in Sydney.
Previously, Beaumont spent four years at ABN AMRO Australia as executive director of Structured Finance, and 10 years as global head of Metals Sales and Trading at UBS in London, New York, and Sydney.
Paul Wright joins as director and head of Commodities Oil and Gas Origination, Asia Pacific, based in Singapore, from Chevron (CVX.N: Cotización) where he worked for more than 13 years.
The moves come amid widespread anecdotal evidence that hiring is on the upswing after a period of uncertainty that had frozen companies' expansion plans in the wake of the recession.
Sources also told Reuters in August that at least nine senior oil and commodities trading executives have left high-profile posts or jumped to other firms in the past two months, while at least three more companies are hunting for talent. [ID:nSP377504] Analysts say the banking sector is resurgent, like the 1990s boom that followed the commercial real estate crash, and up to end-August BOA shares have jumped 600 percent since March 6.
Others argue that the short-term outlook remains hazy, as investors face a weak economy and the prospect of rising credit losses.
On Monday, the Wall Street Journal reported that BOA is offering to repay part of the U.S. government bailout money, starting with the $20 billion it received in January to help with the takeover of Merrill Lynch & Co.
Others moving to BOA include Hong Kong-based John Bao Vu, who will be its new director and head of Complex Options Trading in Asia Pacific, while Prakash Shah will assume the role of director and head of India Commodity Solutions, based in Mumbai. Continuación...