Salomon Restructures Equity
Salomon Smith Barney has reorganized its equity derivatives sales team after two heads left the bank. Ken Farrar, global head of equity derivatives sales to institutional clients in New York, and a second banker who headed U.S. institutional equity sales, left the firm Sept. 6. Joe Elmlinger, global head of structured equity products in New York, has taken the expanded role of global head of derivatives marketing. He will report to Andy Constan, global head of equity derivatives in New York.
An official familiar with the move said the new role will combine Elmlinger's former duties marketing to retail, high-net-worth and corporate clients with Farrar's responsibilities to institutional clients. The bank made this move because institutional investors want information about end user flows. Nick Wood and Art Calcagnini, institutional salesmen, have been promoted to co-heads of U.S. institutional sales and will report to Elmlinger.