Wachovia bolsters CDS trading group

Wachovia Securities has hired two Bank of America credit default swap (CDS) specialists to bolster its credit derivatives trading team.

Sean Bonner joins the company as a managing director and head of high-grade CDS trading. He was head of US CDS trading at Bank of America and has 14 years' experience in the derivatives markets. Wachovia said he will direct the company’s credit derivatives platform, reporting to Ben May, head of credit products.

Wachovia has also hired Joseph Niemann as a senior CDS trader. Niemann spent the past three years trading credit derivatives at Bank of America and has seven years' fixed-income experience. He will report to Bonner.

Bonner and Niemann will be based in Charlotte, North Carolina.

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