John Chester, head of high-yield research and the telecom analyst at TD Securities in New York, and Jacob Barker, a senior media analyst, were among the 200 layoffs recently announced by the firm, according to firm spokesman Mike Sherman. The moves have analysts inside the firm and at rival firms questioning TD Securities' commitment to its high-yield business, given that media and telecom have long been the firm's bread and butter. Mark Grotevant, now co-head of research at Credit Suisse First Boston, once led the telecom group at TD Securities. Both Chester and Barker had left the firm as of press time.
Sherman says the firm remains committed to its high-yield business, including media and telecom. He says Ed Siegel, formerly a sector analyst covering "domestic cable and a variety of other industrial sectors," will now lead the group, and will add European cable coverage. He also notes that Carl Blake, a telecom analyst with 10 years' experience, will remain with the firm. He also argues that the firm will be stronger in high-yield, because it is combining high-yield, loans, and credit derivatives into a single unit, creating a more direct line of communication between firm officials.