Chris Hodson, managing director and head of interest rate derivatives trading at Bank of America in Tokyo, one of the largest players in Japan's swap market, is transferring to Chicago in the coming months. "This is a step up for him," said Michael Thorson, head of proprietary trading in Tokyo, adding, "He's very good at what he does and as the U.S. is a larger market he'll be trading on a bigger scale." Thorson noted that the plan has been in the works since late last year but has been delayed due to the current restructuring in Japan.
"[BofA in Tokyo has] got size 24 feet to fill," said one market official, noting that Hodson is a major revenue-generator for BofA in Tokyo, which has hit hard times in Japan and recently announced plans to half its staff. One official estimated the desk makes about USD50-75 million per year. Market officials said Thorson will likely assume Hodson's responsibilities for the 20-plus team. Thorson declined comment on that issue.
"Those guys have always made a lot of money," said a trader at a rival bulge bracket house. Hodson did not return calls. He reports to Jonathon Moulds, global head of the derivatives products group in Chicago, who did not respond to messages. Susan Beard, spokeswoman in Singapore, said the interest-rate and credit derivatives desks are unaffected by BofA's recent decision to halve its Tokyo-based staff.
