Joe Mahfouz, head of equity derivatives for the Americas at Commerzbank Securities in New York, has resigned. Mahfouz ended his three-year stint at the bank about two weeks ago. "We built a great group. Over the last three years, we exceeded our budget every year. I wish them well," Mahfouz said. He declined to comment on the reason for his departure. An official at Commerzbank said Mahfouz's position has not been filled and his duties are being handled by the remaining staff.
During his tenure at the firm, Mahfouz added more than a dozen professionals to his 23-strong equity derivatives team increasing the group to more than 30.
At Commerzbank Mahfouz had reported to Mark Richardson, global head of derivatives in London. Richardson did not return calls.