This ex-UBS MD is building a high yield trading team in New York
2022 wasn't an easy year for high yield traders. While some will undoubtedly have done well in a difficult market, there were also notable casualties, including the EMEA high yield team at JPMorgan, which reportedly suffered a $70m loss.
There are still high yield job opportunities though, including at upstart banks that are taking advantage of the difficulties at rivals to make their hires.
They include Truist Securities, the Atlanta-based investment bank which was last seen on a banker hiring spree in the US under Michael Carter, a former technology banker at RBC Capital Markets. Truist hasn't only been hiring bankers: it's been adding traders too.
The trader hires include Gary Rapp, a former MD at UBS, who joined in September 2022 as head of credit sales, trading and research. Rapp is now building his team with recruits include Matt Hazelton, a former VP-level high yield credit trader at BNP Paribas in New York.
Hazelton is likely to be the first of several recruits. Headhunters say high yield traders are likely to be among the most restless individuals post-bonuses. "Overall, the high-yield market was OK last year. I think many are going to be disappointed with the compensation. There will certainly be some shuffling of the seats this season," says Michael Nelson, managing director at QuestGroup executive search.
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