Credit Suisse First Boston has reportedly hired Steve Kim, head of equity derivatives research at Merrill Lynch in New York. Kim's role at CSFB could not be determined by press time. However, several market officials said he likely will replace Mika Toikka, global head of equity derivatives research at CSFB. Toikka was not at his desk Thursday afternoon, according to a colleague in New York. Kim could not be reached. Officials at CSFB declined comment. A Merrill Lynch spokeswoman confirmed Kim's departure, declining further comment.
Traders and recruiters in New York said Kim's is the latest in a series of recent departures from Merrill's equity derivatives group in New York. "It's more like an exodus," said one veteran of the group. However, poaching out of Merrill's equity derivatives group may reflect that the firm's personnel are highly regarded, he added.
