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Derivatives

BofA Credit Chief Departs

Charles McLendon, head of investment-grade sales and trading, including credit-default swaps, at Banc of America Securities in New York, has left the firm.

Charles McLendon, head of investment-grade sales and trading, including credit-default swaps, at Banc of America Securities in New York, has left the firm. Frank Berritto, formerly head of the high-yield business, has stepped up as head of global credit sales and trading, overseeing both investment-grade and high-yield teams.

McLendon reported to Tom White, head of global credit products, who did not return calls. Berritto declined comment and McLendon could not be reached for comment. Spokeswoman Louise Hennessy confirmed the departure and Berritto's new position.

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