Two more derivatives staffers have left Commerzbank Securities in New York amid the German firm's attempt to patch up the holes. Henry Flowers, senior structurer on the cross-asset structuring desk, will join Merrill Lynch in an equity derivatives structuring role. Meanwhile Judith Erdman, who worked in third party distribution for high-net-worth individuals, is taking a similar role at Fidelity Investments, said an official familiar with the plans. Flowers and Erdman could not be reached. Ed Mitchell, spokesman in New York, declined comment.
Flowers reported to Ted Madara, head of the U.S. derivatives structuring team in New York. Madara did not return calls. Erdman reported to Sam Gottesman, regional head of fixed income and derivatives sales. Michael DuVally, spokesman at Merrill in New York, declined comment and John Brockelman, spokesman at Fidelity in Boston, did not return calls.
