Goldman Sachs, like many Wall Street banks, has seen its trading revenues decline in recent quarters.
The outperformance of universal banks reflects their advantage in trading fixed-income products for companies, as opposed to the hedge funds and other institutional investors that are the preserve of Goldman.
Bank of America initially plans to locate around 300 employees in the space which could accommodate about 1,000 people, they said.
The American banker, who is a naturalised Briton and received an OBE for services to British banking, won plaudits for running UK Financial Investments, the body set up after the financial crisis to manage the government’s banking stakes.
Despite posting record net revenue for the quarter, Jefferies’ trading revenue fell a 7 percent, hurt by lower volatility during much of the quarter.
He joins Baird’s Nashville, Tennessee office, and previously worked with Wells Fargo, per BrokerCheck.