Richard Cohen, head of Pacific Rim credit derivatives at Merrill Lynch in Tokyo and an industry veteran, has left the firm. He reported to Peter Walshe, head of credit products for the Pacific Rim in Tokyo. Market officials speculated that Cohen was let go as part of a global drive to reduce costs. Both Walshe and Takayuki Inoue, spokesman, declined all comment. Cohen could not be reached.
"He was definitely one of the biggest players in the market," said a credit head at a rival bulge bracket house in Japan.
Jimmy Kan, director of credit derivatives in Tokyo, has assumed Cohen's responsibilities. Kan said he will continue his duties from the credit structuring side in addition to his new trading role, which will offer clients perspectives from both areas. "Clients now look to hear from traders as well as from sales," said Kan, declining further comment.
Separately, on the marketing side Merrill has hired Atsushi Shioiri, v.p. in the structured credit group at Morgan Stanley in Tokyo, in a new role as v.p. in the strategic credit marketing group. He now reports to Toshiyuki Umeta, managing director of the strategic marketing group at Merrill in Tokyo. Umeta confirmed the hire, noting the team is now fully staffed and no additional hires are likely in the near term, declining further comment. Shioiri was traveling and could not be reached.
