BofA rehires Velani to head transactional FX trading

Velani rejoins BofA as bank continues to strengthen its foreign exchange ranks


Bank of America has rehired Bhupen Velani as head of global transactional foreign exchange trading in London, as part of a string of new hires for its FX division.

Velani rejoined last month from JP Morgan, where he spent just over a year as an executive director for FX product, according to his Linkedin profile. He reports to Carlos Fernandez-Aller, head of global FX and emerging markets macro trading.

During his previous stint at BofA, Velani set up the transactional FX trading business in Asia from Hong Kong before relocating to London and leading the unit for Europe, the Middle East and Africa (EMEA).

Transactional FX is a key part of a foreign exchange dealer’s corporate banking service, enabling payments to be made and received in local currencies. Velani’s new role includes overseeing FX pricing, risk management and product development globally, as well as collaborating with BofA’s global transaction services business.

Velani joins a growing FX team at the US bank, which in June announced the addition of five senior traders, including three as heads of options trading markets. Julian Weiss joined from Nomura as head of global G10 vanilla FX options, Thomas Cobbold joined as head of global emerging markets FX options trading, and Tobias Jungmann joined as head of Americas FX options trading.

Weiss and Cobbold are based in London, while Jungmann trades out of New York. All three report to FX options head Varut Dechpokket.

Elsewhere on the desk, Funda Celik joined as head of central and eastern Europe, the Middle East and Africa local currency trading, reporting to Jan Smorczewski, head of global G10 trading and EMEA FX and co-head of EMEA Ficc trading. Pedro Ossa joined as head of Andean local currency trading and reports to Latin America local currency trading head George Watanabe.

BofA has made 30 hires across its FX and emerging markets macro trading desks since 2020, following a strategic decision to merge the two units. According to the bank, its recent investments in electronic trading and new recruits have spurred an increase in market share of more than 20% across G10 FX and emerging markets.

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