Bank of America has scooped up Michael Nitka, a director and loan trader in Société Générale's SG Corporate & Investment Banking unit. Nitka was likely to begin last week after resigning from SG two weeks ago. He will fill the role of a sourcer and salesman on B of A's distressed desk.
Nitka had reported to Neil Parekh, head of credit sales, trading and research at SG. Nitka could not be reached. Officials from B of A and SG declined comment. Richard Bliss, who was Nitka's deputy head of loan trading, will fill the vacant spot on SG's loan desk, according to an SG spokesman. He will also report to Parekh. Bliss declined comment.
B of A lost two people off its distressed desk earlier this year. UBS hired John Gorham, a principal and distressed salesman at B of A, to be a salesman on the par loan desk (LMW, 3/8). Brian Rutledge, formerly a v.p. in distressed sales and sourcing at B of A, also recently appeared in Stamford, Conn., on the sales and trading desk of CRT Capital Group (3/15).