Bank of America has lost two staff from its London-based credit proprietary trading team to distressed debt businesses as junior bankers start to move to jobs that will allow them to profit from the credit crunch.

Heng Cheam and Amit Jain, vice-presidents in Bank of America’s strategic capital group, resigned from the bank last week to join distressed debt operations as credit bankers look for new opportunities before they are pushed, according to fixed income bankers.