Bank One plans to hire a fixed-income derivatives marketer to financial institutions. The bank recently hired two fixed-income derivatives marketers in new positions in Chicago. Fred Smithson, former v.p., fixed-income derivatives marketing at J.P. Morgan in New York, has joined as director, fixed-income derivatives marketer to financial institutions, and Jim Hargrove, associate, municipal derivatives sales origination at First Union in Charlotte, N.C., has joined as director, fixed-income derivatives marketing for tax-exempt institutions, said Matt Bayles, managing director, fixed-income derivatives marketing at Bank One in Chicago. He declined to elaborate on the planned hire.
Bank One's current fixed-income derivatives team has 15 marketers. Bayles said he is expanding the team now because the bank has extensive relationships with financial and tax-exempt institutions. The fixed-income derivatives marketing group was not fully tapping that potential.
Smithson is from Chicago, and he said that his wish to return to the area was a factor in his decision to join Bank One. Hargrove said that he joined Bank One "because it has a tremendous client base in the public finance arena." Hargrove added that he had worked as a public finance banker before joining First Union.
