(Bloomberg) — Bank of America Corp., the second- largest U.S. lender, hired Deutsche Bank AG trader Sidney Lebental to join the firm’s rates desk, said two people with knowledge of the move.
Lebental, a 32-year-old French citizen, was the German bank’s top revenue-producing Treasuries trader, said the people, who asked not to be identified because the move hasn’t been announced. He was hired by Charlotte, North Carolina-based Bank of America yesterday and will begin in a month, they said.
Bank of America is seeking to gain share in rates trading against bigger rivals JPMorgan Chase & Co., Goldman Sachs Group Inc. and Deutsche Bank. Record low volatility across asset classes has pressured Wall Street trading revenue and stoked demand for proven moneymakers.
Lebental, who received a doctorate in mechanical engineering in 2008 from Duke University, had been with Deutsche Bank Securities since July 2008 and focused on Treasuries due in 10 years or longer. He was a vice president at Deutsche Bank and joins Bank of America as a director in New York.
Lebental and Amanda Williams, a spokeswoman for Frankfurt- based Deutsche Bank, declined to comment on the move, as did Bank of America’s Zia Ahmed.