NEW YORK March 20 Two senior members of Bank of
America Merrill Lynch's Houston commodity team have left the
firm, two industry sources said on Wednesday.
Will Harris, a managing director in the bank's commodity
division, who headed up corporate sales in the Americas, left
the bank this week, the sources said, declining to be
Marcelo Meira, director and head of power structuring, has
also left the firm, the sources said. Meira also traded power
A spokesman for the bank declined to comment. Reuters was
not immediately able to reach Harris or Meira for comment.
BAML cut its average amount of 'Value at Risk' in
commodities last year to $13 million from almost $19 million in
2011, according to the firm's annual report.
Total sales and trading revenues from the bank's Fixed
Income, Currencies and Commodities (FICC) business were $8.8
billion last year compared with $8.9 billion in 2011.
The bank does not break out revenues for its commodity
trading in regulatory filings.
Commodity revenues at some Wall Street firms have come under
pressure in recent years in the face of tighter regulations and
limited price swings, which have dampened client activity.
Power trading has been particularly hard hit as a massive
increase in North American natural gas production has depressed
prices and dampened volatility.
Harris joined BAML in 2010, according to the website of JRP
Group, a commodity executive recruitment firm in Colorado.
Meira had joined Merrill Lynch in 2005 from El Paso Corp,
according to his LinkedIn page.
Industry publication SparkSpread first reported the news.