US jobs roundup: Pottruck pays for poor performance
Among high profile job moves in the past week was the ousting of David Pottruck as chief executive of Charles Schwab Corporation, the online broker, after clients pulled $6bn from the business.
He will be replaced by Charles Schwab, the founder of the firm, who will be combining the role of chief executive with his current position as chairman.
Other moves included Banc of America Securities' recruitment of Brian Friedman as head of options market making for its US rates business. Friedman, who joins from JPMorgan Chase will be based in Chicago and report to Gerhard Seebacher, head of global rates.
In New York, Banc of America Securities hired Steven Hollender as managing director and head of investment grade credit sales. Hollender will report jointly to Mark Miller, head of institutional debt sales and Charles McLendon, global head of investment grade and credit derivatives.
He joins from Credit Suisse First Boston (CSFB), where he was a managing director in investment grade corporate bond sales.
Another CSFB leaver, Diane Schumaker-Krieg, emerged at Wachovia Securities as head of global research. Schumaker-Krieg was co-head of equity research at CSFB.
Henry Blodget, a former Merrill Lynch technology analyst who was banned from the securities industry for life after an SEC investigation, is starting a new research firm known as Cherry Hill Research. The firm will be aimed at corporations and institutional investors and has published a free report on Google's initial public offering model. It will acts as a consultant and says it will analyse industries, not stocks.
Merriman Curhan Ford hired Michael Cooney of Harris Nesbitt Gerard to establish a presence in Boston. The securities broker-dealer and investment bank also hired Christopher Sztam for its New York office. Sztam joins from UBS, where he was a senior vice president in sales and trading.
US-based hedge-fund-of-funds group ABS Investment Management hired Donald Leung as hedge fund analyst. Leung will report to Alain De Coster, portfolio manager and principal of ABS Investment Management. Before joining he was an equity analyst for Citigroup Asset Management.
ABS also appointed Dayana Ovalle to its accounting and operations team, reporting to David Finn, chief financial officer. Ovalle will be responsible for the accounting and operations of the fund-of-fund portfolios
Nomura Securities International hired Conrad Owen as managing director and head of its private placements unit. Owen joins from Deutsche Bank, where he ran private placements.
HSBC Holdings hired Michael Baldock as global head of its healthcare sector team in New York. Baldock joined from Lazard Freres.
Also in New York, Muriel Siebert & Co, announced the addition of seven capital markets professionals for its investment banking and institutional trading business. It also added three institutional direct access professionals to work on the floor of the New York Stock Exchange.
Fortis Investments hired Maryam Muessel as product chief investment officer and head of US fixed income and structured credit. Muessel joins from ACA Financial Guaranty Corp where she was chief investment officer and joint head of the company's collateralised debt/asset management business.
Dinakar Singh, the 35-year-old co-head of the global strategies group at Goldman Sachs, quit the bank to set up a hedge fund. Sources close to Singh said he had been with Goldman for 14 years and oversaw the management of $10bn of assets.
