Tom Connor, head of the primary dealership at J.P. Morgan, has left the firm hot on the heels of the departure of Mark Werner. Werner, deputy head of bond trading for the Americas, left earlier this month and was tapped last week as head of fixed-income and equity capital markets at Banc of America Securities.
One outside official said it appears likely Werner would recruit former fixed-income colleagues from J.P. Morgan in New York to work with him in his new role at BofA and Connor falls in that realm. Connor, who one official familiar with the situation said resigned once Werner's new role was announced, did not respond to messages and could not be reached by press time. A J.P. Morgan official said, "there is a lot of uncertainty here."
Michael Dorfsman, spokesman for J.P. Morgan, confirmed Connor has left the bank and declined further comment. Jennifer DiClerico, spokeswoman for BofA, also declined comment. As for Werner, he replaces Jon Sandelman, who had taken over as head of equity and debt capital markets about seven months ago after moving up from a top equity derivatives role. Sandelman is leaving BofA this week to start a hedge fund.
Separately, J.P. Morgan last week released a 13% fall in third-quarter earnings, fueled in part by a 44% drop in fixed-income trading profits.