Bond market pros are still discussing the fate of Andrew Susser, former head of high-yield research at Banc of America Securities and a top Institutional Investor-ranked gaming and lodging analyst, more than a week after news of his firing appeared on the Drudge Report and the cover of the New York Post. Several market participants expressed surprise over Susser's exit and said the consensus opinion on Wall Street is his punishment did not fit the crime. Susser was let go after his picture appeared on a woman's body on the cover of a research report he authored.
Susser did not return several calls to his home or cell phone.
"My gut feeling is something else had to be going on. He's a very well-respected analyst," commented one high-yield portfolio manager, who called the photo "weird." Another high-yield research professional added: "There has to be a story that hasn't been told within all of this nonsense." While the consensus seems to be BofA acted harshly, market participants say Wall Street firms are hyper-sensitive in today's heightened compliance environment. Jeffrey Rosenberg, head of credit strategy research at BofA, did not return calls.
Susser has already been interviewing at other sell-side firms, according to market participants who are speculating where he will land next. One high-yield player noted Credit Suisse First Boston would be "a natural fit for him as they could [afford to] bulk up their gaming business."Tom Klamka, co-head of high-yield research at CSFB, did not return a call.
