HSBC has hired two of Bank of America's leading credit derivatives professionals in a move some market players believe could signal a major push by the firm. HSBC has a large balance sheet but has so far not been active in the credit market, said a broker in New York.
Rick Ziwot, global head of structured credit products at BofA in Charlotte, N.C., has joined as head of credit derivatives in New York, and Rick Briggs, global head of trading for structured credit products, has joined HSBC as head of credit derivatives trading, according to a spokesman. He declined to elaborate on the firm's plans.
Ziwot will report to John Paganucci, head of derivatives in New York, and Briggs will report to Ziwot. The two credit derivatives pros left BofA last week. Ziwot and Briggs were not available for comment and Paganucci did not return calls.
