Rochdale Securities LLC, the brokerage struggling to survive and keep its staff after an unapproved $1bn trade in Apple soured, lost three more traders to competitors.
Bloomberg reports that Richard Bennett and Keith Arnott, who work as equity sales traders, defected to MKM Partners LLC, while Barry Kaplan joined Oscar Gruss & Son Inc. in New York, Financial Industry Regulatory Authority records show.
Rochdale lost five traders to Rafferty Capital Markets LLC earlier this month, including Kristen Talgo and Hal Tunick, who led equities institutional trading from Rochdale’s Stamford, Connecticut headquarters.
In the meantime, Reuters reports that the head of Bank of America Merrill Lynch's Middle East and North Africa unit has left following an overhaul of the U.S. lender's regional investment banking operations, three sources said.
A spokeswoman for BofA in the Middle East confirmed the departure of Phil Southwell, hired in May 2011 to run the bank's MENA business, and also the resignation of Ziad Awad.
And Bloomberg reports that Brian McCullough, a managing director at Citigroup’s Asia-Pacific financial institutions group, has left after less than two years with the bank, two people with knowledge of the matter said.
McCullough was hired in March 2011 to lead Citigroup’s capital advisory services for financial institutions across the region. His departure comes after fundraising by the industry fell short of expectations, one of the people said, asking not to be identified because the information is private.
Finally, Bloomberg reports that Philippe Altuzarra is returning to London after running Goldman Sachs’ Paris office for three years to serve as advisory director, a person with knowledge of the move said.
Altuzarra will be succeeded in Paris by Pierre Hudry and Christian De Haaij, investment banking co-heads of France, Belgium and Luxembourg for Goldman, the person said, asking not to be identified as an announcement has not been made public.