BNY Capital Markets is looking to make 13 new hires in fixed-income sales, trading and research. Joe Mannello, managing director and head of the firm's New Jersey offices, where the hires will report and where its corporate fixed-income businesses reside, says "there is no magic to the timing" of the planned hires, and he actually sees a flat year for high-yield in 2004, arguing that a stronger economy will mean low volatility and low trading volumes. However, he says the firm is still building critical mass and will benefit from increased staffing levels. BNY is in discussions right now, and is prepared to make the hires before year-end if it finds the right people, Mannello says.
The firm is looking to add four investment-grade/crossover salespeople, as well as two in high yield, two in distressed and two in convertibles. It also wants to hire a high-yield trader, a distressed bank debt trader and an investment-grade analyst who is flexible enough to cover a wide range of industries, Mannello says.