Merrill Lynch nabs 23 derivatives marketers from JP Morgan

Antonio Polverino
Jumping ship: Antonio Polverino
Merrill Lynch’s coup de grace took place when it lured Antonio Polverino to the firm as its co-head of derivativesmarketing for financial institutions and corporates, alongside Stefan Guetter.Polverino had been promoted to head of corporate derivatives marketing at JPMorgan Chase (See: Newly promoted Polverino quits JP Morgan for Merrill Lynch) in March. That move appeared to force Salvatore Di Stasi, who had been head of corporate derivatives marketing in equities and was said to be competing with Polverino for the post, to quit the firm for Goldman Sachs.

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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