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Derivatives

Wachovia Pares Equity Derivatives Staff

Wachovia Securities has reportedly made cuts in its equity derivatives headcount and laid off about 60 people across equity.

Wachovia Securities has reportedly made cuts in its equity derivatives headcount and laid off about 60 people across equity. It could not be determined what percentage of the entire group the layoffs represent nor where all the layoffs took place.

The equity derivatives cuts were in both listed and OTC, according market watchers.Elise Wilkinson, spokeswoman, declined comment except to say the firm "remains committed to its equity business, in particular equity capital markets and equity structured products, which includes equity derivatives. We believe this is a core part of our corporate investment bank and will continue to invest in our equities business in the future." UnderRick Silva and Rick Sandulli, co-heads of equity structured products in New York, the firm has been investing heavily in structured equity: it added staffers in London (DW, 3/10) and it hired Sandulli and Silva's team from Morgan Stanley (DW, 6/17/05).

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