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BofA to restructure fixed-income trading division

Bank of America Corp.'s global head of credit and special situations, Frank Kotsen, will be stepping down amid a reorganization of the company's fixed-income trading division, Business Insider reported, citing an internal memo.

As part of the restructuring, Bank of America's global developed- and emerging credit-trading franchises under its credit trading operation will be combined to form a new global credit group, which will be jointly run by Brian Carosielli, global head of mortgages and securitized products trading, and Brian Weinstein, global co-head of emerging markets trading.

Under its foreign exchange trading business, the company will also combine its G10 trading and emerging markets local currency trading teams, to be led by Denis Manelski, according to the report.

Matt McQueen will take over Carosielli's role as global head of mortgages and securitized products trading. Mark Davies and Brice Rosenzweig will co-head global markets data and innovation. Davies will also oversee global markets data management, the news outlet added.

A spokesman for the company declined to comment but confirmed the memo's contents, Business Insider said.