Most recently Hur was a principal at Bank of America responsible for North American coverage of Korean corporate clients and their US, Canadian and Mexican subsidiaries. In her new role Hur will be responsible for origination and execution of commercial and investment banking transactions involving Korean financial institutions. She will be part of the client management team and work with Stefan James, country executive for Korea. Based in Seoul, Hur reports to Alok Kochhar, the bankÆs head of FIG in Asia.
FIG is part of the bankÆs global investment banking coverage. On January 15, Bank of America announced that it would cut 650 positions in its global investment banking and global markets division. A bank spokesperson confirmed that the downsizing involved job cuts in Asia, but denied a rumour that the bank has shut down its debt capital markets business in Asia-Pacific and declined to say if the job cuts were DCM-related.
In the January announcement the bank stated that it would downsize the business of certain structured products, including collateralised debt obligations (CDO). It also planned to ôresizeö its international platform to focus on core strengths in debt, cash management and trading, including rates and foreign exchange, and sell its equity prime brokerage business. BoA announced a 95% plunge in fourth-quarter earnings, mainly due to poor trading performances and credit losses.
The appointment of Hur - a veteran banker who has been with BoA for more than eight years - shows the bank is committed to growing its FIG business in Korea despite the streamlining plan. Hur worked with the bank in Los Angeles for four years before returning to Korea. She began her career at the Korea Merchant Banking Corporation in 1987 and she also did a stint at Bankers Trust Company and Bankers Trust International in Seoul, where she was a relationship manager.
ôHer international experience and background will help ensure that we maximise the opportunities to grow the FIG business in this market,ö says Kochhar in a written statement.