Bank of America in London has lost Hans-Jürg Lips, formerly European head of credit structuring, and Doug Kerridge, another senior credit structurer. These are the latest in a slew of departures from BofA since early 2003, depleting the structured product team in place at that time under group head Paul van der Maas. He resigned from BofA last August and since then Mitchell Braselton, who was in charge of marketing for structured products, left for Morgan Stanley in New York in April. Seventeen members of the 25-strong structured product team in place early last year have since left, according to a former member of the team.
Lips has started at WestLB in London as a senior credit structurer. He reports to Joachim Erhardt, head of credit structuring. Lips said his hire represents an expansion of the team. Erhardt added he will hire four more for the CDO team by year-end to bring the team to 10.
Meanwhile, Kerridge has joined HSBC in London in a similar role and reports to Jeff Jakubiak, head of European structured credit. Kerridge declined comment and Jakubiak could not be reached.
At BofA, both Lips and Kerridge reported to Ed Charles, European head of structuring for the global structured products team. Charles declined comment.