Royal Bank of Canada has hired Nicholas Wright, credit derivatives trader at Citigroup in London, as a credit derivatives and cash trader in London, and is currently conducting searches in North America and Europe for credit derivatives professionals. Walter Gontarek, managing director and co-head of global credit products, declined to disclose how many staffers the firm would hire, but said the plans are in place because of demand from customers for flow and structured credit derivatives. In May, RBC let go Simon Howard-Glossop, head of credit trading in New York, after the firm reportedly took a hit on WorldCom positions (DW, 5/27). Wright reports to Mike Quinn, head of credit trading. Quinn referred calls to Gontarek.
Wright replaces Mike Srba, credit derivatives and cash trader, who left RBC a few weeks ago. Gontarek confirmed Srba's departure, but declined to comment further. Jeremy Hughes, spokesman at Citigroup in London, did not return calls.
