Merrill Lynch nabs 23 derivatives marketers from JP Morgan
Merrill Lynch’s raid on JP Morgan Chase’s derivatives marketing unit has resulted in 23 derivatives marketers joining the US securities dealer. The move represents one of the largest derivatives team defections seen in Europe and appears to contradict JP Morgan’s official line that the spate of top derivatives talent leaving the bank during the past several months was part of "usual staff turnover" after bonuses.
Jumping ship: Antonio Polverino |
Polverino will also be Merrill Lynch’s regional business head for southern Europe, central and eastern Europe, the Middle East and Africa across all debt products. He will report to Osman Semerci, head of EMEA global markets, and Dimitrios Psyllidis, head of the EMEA debt client group.
Meanwhile, Giovanni Moruzzi will join Merrill Lynch as head of foreign exchange derivatives sales for banks; Daniele Bartoccioni will become head of European emerging market derivatives covering both debt and equity; and Gloria Vargas will be head of debt derivatives for France, Portugal and Belgium for corporates and the public sector.
The other appointments include four directors – Konstantinos Diamantopoulos, Mario Ferraro, Wolfram Grohnert and Francesco Rizza – five vice-presidents, six associates and four analysts.
The defections to Merrill Lynch represent about 7% of JP Morgan's total derivatives marketing team in Europe (including equities). However, a source close to JP Morgan estimated the loss represents about 40% of the bank's corporate derivatives sales force in Europe.
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