Chuck Borgioli and Adam Drum, directors in cash and credit derivatives trading at BNP Paribas in New York, and a junior trader, Andrew Mallozzi, have left the firm. Reached on their cell phones, Drum and Borgioli said they are taking time off and do not yet have plans to start somewhere else. A message left on Mallozzi's cell was not returned by press time.
The departures follow close on the hire of Chris Rekow, a credit trader from UBS, in December, and not long after Daniel Brereton, head of U.S. credit flow trading, came on board in the summer, also from UBS. It could not be determined if there is a connection between the hires and departures. Kerrie McHugh, spokeswoman for BNP Paribas, declined to comment. Rekow declined comment and Brereton could not be reached.
Kris Kagel, UBS spokesman, confirmed Brereton, executive director, and Rekow, director, both reported to Michael Morris, managing director in cash and credit derivatives trading in Stamford, Conn. Both were replaced internally.