Commerzbank Securities plans to hire marketers, traders and structurers in the U.S. to work with corporate clients on risk intermediation trades. Sam Gottesman, head of derivatives and fixed income sales for the Americas in New York, said the firm is hunting flexible staffers who can work across the disciplines of equity, credit and convertible bonds as demand dictates.
More than three quarters of risk intermediation uses derivatives and Commerzbank is seeing an increasing amount of interest from clients, including hedge funds, reinsurers and bank loan desks, said Gottesman. Over the last two years, Commerzbank has notched deals to work with over 150 new counterparts and the firm expects this growth to continue. Gottesman was unable to specify how many new staffers the firm will take on, saying that Commerzbank is in the process of finalizing its hiring plan. Recruitment is likely to commence in early 2003.
