Wachovia Securities is seeking to hire two to three senior investment-grade corporate traders, according to Steve Gallagher, head of high-grade trading. Gallagher himself recently joined the firm from cross-town rival Banc of America Securities. He most recently hired David Fergione, senior corporate investment-grade trader in the industrials sector, who is also moving over from BofA where he held a similar role. Fergione, who starts later this month, could not be reached. A former colleague noted that Fergione is a well-respected trader and his departure is a blow to BofA.
Gallagher did not specify what type of investment-grade traders Wachovia is looking to add but said there is a good opportunity for the firm to increase its presence and to compete with the main bulge-bracket houses. Jim Pierpoint, spokesman, noted that the firm has been in the process of hiring about 20 professionals for its investment-grade department since the addition of Jim Kelligrew, head of investment-grade (BW, 11/10).
Tara Burke, spokeswoman at BofA confirmed that Fergione left the firm last week. He had reported to Mike Meyer and Dan Caldwell, co-heads of trading. She did not know whether Fergione's old position had been filled. Meyer and Caldwell did not return calls by press time.