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Commerzbank Loses More Key Staffers

08 Jun 2003

Commerzbank Securities is continuing to suffer departures from its New York and London offices, Simon Clowes, global head of proprietary trading, being the most recent high-profile loss. The resignations stem from disappointment with bonus payouts as well as general concerns over the direction of the firm, according to officials familiar with the moves. Neil Brazil, spokesman for Commerzbank Securities in London, confirmed the move, but declined comment on the reason for the departure.

Clowes, Richard Caird, executive officer and head of legal for the U.K., and Eric van Laer, structured equity derivatives salesman, are the latest to quit in London. It could not be determined whether they have joined competing firms. Hugues De La Marnierre, European head of fixed-income, foreign exchange and equity derivatives sales in London, and to whom van Leer reported, said van Laer's responsibilities would be taken over by existing staff through a reorganization, but declined further comment.

Caird reported to Mehmet Dalman, Commerzbank board member responsible for investment banking, according to Brazil. Guenter Hugger, a member of Commerzbank's legal team in Frankfurt, will carry out Caird's duties in the short term, but the firm has not finalized its long-term plans, according to Brazil. Hugger could not be reached and Dalman did not return calls.

Meanwhile in New York, Rodrigo Espirito-Santo, senior salesman responsible for marketing equity derivatives to hedge funds, has left the firm. Sam Gottesman, regional head of fixed income and derivatives sales in New York, to whom Espirito-Santo reported, said the firm is in the middle of a widespread recruitment process and is hiring in trading, sales and origination. Espirito-Santo, who could not be reached, will be replaced as part of these hires, he said.

08 Jun 2003