CIBC World Markets has hired Tom Wadsworth, an equity derivatives trader at J.P. Morgan in New York, in a similar position. Wadsworth fills a position left vacant by the departure of Richard Suth, who left the firm in July after five years, said Paul Beck, head of equity derivatives trading. Beck added that hiring Wadsworth is part of an overall expansion of the equity derivatives group in both New York and Toronto. CIBC is looking to hire two more equity derivatives marketers in New York and has recently hired two marketers for its Toronto division.
Market officials say Suth was a critical part of the firm's push to establish a strong foothold in the U.S. equity derivatives market. Since he left, headhunters have speculated that CIBC was unwinding its equity derivatives group. "It's quite the opposite. We're looking to hire more guys," said Beck, who has been conducting interviews with potential marketers and traders. Wadsworth reports to Beck. "We thought Tom was a great fit. We knew the group at Chase and it gave Tom good reviews," Beck said.
While at J.P. Morgan, Wadsworth reported to Bob McGinley, managing director of North American equity derivatives trading. McGinley did not return calls before press time.