Frank Kotsen has been named the new head of global credit and special situations at Bank of America Merrill Lynch.
Kotsen will be based in New York and replaces Graham Goldsmith, who it’s understood has retired from the role after twenty years with the bank.
Kotsen has been with BoAML since 1996 and from 2009 was head of US special situations and loan trading. Previously, he served as head of US distressed bond trading and co-head of global credit trading. He will assume his new role on 1 July 2014.
Goldsmith joined BoAML in 1994 and assumed his most recent role in 2011. During his tenure, he held a number of senior roles in FICC trading, including head of global distressed, emerging markets credit, high yield trading, leveraged loan and structured credit groups.
The appointment follows the reshuffle of several high profile positions at the bank including the naming of Tim Waddell, a veteran of rival UBS, as vice chairman of corporate and investment banking for Europe, the Middle East and Africa (EMEA).
BoAML declined to comment.