Banc of America Securities has hired Steve Liu, credit derivatives trader at Lehman Brothers in New York, and lost David McAllister, who has left to join UBS in a similar role. In spite of the timing Liu is not thought to be replacing McAllister an official said the moves coincided because of the general industry reshuffle after bonuses are paid.
Liu, who reports into Dan Caldwell, global head of credit derivatives trading in Charlotte, N.C., said he is excited by the new role. McAllister declined comment, but Kris Kagel, spokesman at UBS in New York, said McAllister reports to Vincent Mistretta who heads the U.S. credit-default swaps trading in Stamford, Conn.
