Wachovia Securities is combining its equity capital markets and equity-linked products units. As part of the move it is transferring many of the 200 Baltimore, N.J.-based employees to New York, including the sales and trading teams. The merger was formally announced to staff via an internal memo Monday.
The merger will go into full effect around March when the bank expects to appoint the equity division's head, according to Jim Pierpoint, spokesman. Todd Steinberg, who heads the equity-linked products group in New York, and Mickey Misera, who leads the equity capital markets group in Baltimore, are the most likely candidates, according to officials. The bank is also looking at outside talent, however. Ben Williams, who heads the global capital markets group under which the new equity division falls, will make the final decision. Williams directed calls to Pierpoint. Steinberg and Misera could not be reached for comment.
