Job Wrap: UBS fires equities traders
It may be summer, but equities traders got a cold reception last week. UBS, the Swiss-based investment bank, fired 30 equities traders following increased client demand for electronic trading.
The move, understood to affect 10% of the bank's team, followed a similar cut by Goldman Sachs in February. In future, UBS will emphasise technology over traditional brokers in an attempt to overcome declining commissions. Will other banks do the same?
In another and less dramatic equities move, derivatives broker GFI Securities hired four vice presidents in equity trading from independent research house Sanford C. Bernstein: Terry Hanratty, John Patria, John Joyce, and John Strack.
Fixed Income: HSBC Hires for MBS
HSBC hired two from Deutsche Bank for its expanding mortgage backed securities business. Nicholas Letica joins as managing director and head of its collateralized mortgage obligation (CMO) trading group. Mehul Shah joins as a senior vice president and senior CMO trader.
Frank Berrito, head of high yield sales and trading at Bank of America, is taking over from Charles McLendon as head of investment grade sales and trading. His title will be head of global credit sales and trading.
Lehman Brothers transferred David Heike, head of asset backed securities research, to its U.S. investment grade credit strategy team. Heike will be senior vice president on the team.
Cantor Sets Up Energy Division
Cantor Fitzgerald hired Haroon Imtiaz from Sempra Energy Solutions to set up a new energy services group. The new group will provide brokerage services, structured and risk management products and fee based advisory services.
Asset Management and Custody: Gartmore Hires Stevlingson
Gartmore hired Jayne Stevlingson from New York-based Altura Asset Management as a vice president and senior portfolio manager at Gartmore Global Investments in Philadelphia.
Mellon Investor Services hired Barton Hill from of ADP Investor Communication Services as chief marketing officer. Hill will have responsibility for branding strategies and marketing programs.
Investment Banking: Bear Hires Hassen
Bear Stearns hired Thomas E. Hassen from Credit Suisse First Boston as vice chairman of its global industries group. At CSFB, Hassen was co-chairman of the global energy group.
Compliance and Risk: Bank of America Hires for Anti-Money Laundering
Bank of America hired John Byrne from the American Bankers Association's Center for Regulatory Compliance as an anti-money-laundering strategy executive in its compliance risk management division.
Wachovia hired Norman Buchbinder from Banco Santander Central Hispano as a director and product manager in its structured trade finance and risk mitigation group.