More Musical Chairs at Barclays, Credit Suisse
Barclays hired three securitization executives this week, plugging some of the staffing holes that emerged when more than a dozen employees followed Jay Kim to Credit Suisse in February.
Meanwhile, one of Kim's predecessors at Credit Suisse, Michael Wade, has resigned from the bank. His plans are unknown.
Two of the Barclays recruits, Eric Chang and Mahesh Rajagopalan, will arrive in the bank's New York office in May. Kashif Gilani will start in June. Chang, an origination specialist focusing on auto-loan deals, had been working at Bank of America since 2005. Rajagopalan and Gilani are coming over from Credit Suisse, where they handled securitization structuring.
Barclays plans to keep adding personnel in the coming months to fill other gaps.
Chang is taking the title of vice president. He'll report to Martin Attea, a former Morgan Stanley executive hired in March to oversee origination of consumer-asset securitizations — a function that had been part of Kim's job. Attea also is set to arrive in May.
Rajagopalan will be a director, with Gilani filling a vice president slot. They'll answer to Cory Wishengrad and Diane Rinnovatore, who head securitization banking a layer above Attea.
Wishengrad used to share control of the group with Kim. Rinnovatore, meanwhile, stepped in from Barclays' debt capital markets division to lend a hand following Kim's departure — and was officially placed in her current role on April 18.
As for Kim, he'll arrive at Credit Suisse in the coming weeks as head of securitization banking under Albert Sohn. Kim's new role formerly belonged to Wade and Tricia Hazelwood, and it was widely believed at the time of his hiring that they would move to other positions within the bank or head for the exits.
Wade especially was seen as the odd man out. Wade, also a Barclays alumnus, resigned from Credit Suisse on April 21 and will remain on the bank's payroll for 60 days.
Hazelwood is still on board at Credit Suisse, and appears to be pegged for a new assignment at the bank.
Although Kim played a leading role in Barclays' securitization-underwriting business, his exit didn't create much of a disruption in the bank's dealflow. It priced a $965 million repackaging of mortgage bonds for the National Credit Union Association on April 27, for example, and has been handling similar offerings for the FDIC. It also is leading Sonic Corp.'s latest franchise-fee securitization (see article on this page).