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Derivatives

BofA Lures I-Rate Trading Chief From JPMorgan

Bank of America has hired Brian Friedman, a senior interest-rate derivatives trader at JPMorgan in New York, to head its Chicago-based interest rate option trading desk.

Bank of America has hired Brian Friedman, a senior interest-rate derivatives trader at JPMorgan in New York, to head its Chicago-based interest rate option trading desk. At BofA Friedman reports to Gerhard Seebacher, head of global rates in New York, referred calls to spokeswoman Jennifer DiClerico. She noted Friedman is replacing former interest-rate options trading head Nessan Fitzmaurice, who has left the firm. It could not be determined whether Friedman is filling a newly created seat. Friedman and Adam Castellani, spokesman at JPMorgan in New York, both declined comment.

BofA recently split its client and proprietary interest-rate derivatives businesses. Seebacher, who had headed marketing for the combined entity, took over the firm's client market making activities, noted an official. John Kapustiak, who previously headed interest-rate derivatives trading, is now responsible for the firm's proprietary trading activity, which it terms Global Strategic Trading.

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