CIBC World Markets has hired Jim Craco as an executive director and high-yield trader based in New York. He will trade gaming, autos and satellite credits, while eventually picking up utilities--an area in which CIBC hopes to make inroads, he says. Craco replaces Tim Fisher, who left recently to join Lehman Brothers (BW, 5/18).
Scott Fahey, managing director and head of high-yield trading at CIBC, says he has no plans to make further hires, though he adds, "we always have our ear to the ground."
Craco joins from RBC Capital Markets, where he spent six month as a v.p. trading a variety of sectors. Prior to joining RBC, Craco spent some six years at yet another firm with a Canadian banking parent, TD Securities.
Craco says he has nothing negative to say about RBC, but believes the new job offers him a better opportunity at a better platform. Angus Rogers, head trader at RBC, declined comment on the firm's plans, if any, to replace Craco.