- Bank of America has poached UBS leveraged finance veteran Matt Quarello.
- Quarello, experienced in high-yield bond sales, joins BofA after nearly 14 years at the Swiss bank.
- The move comes amid a flurry of musical chairs throughout Wall Street.
- See more stories on Insider’s business page.
Bank of America has poached senior high-yield bond salesman Matt Quarello from UBS.
Quarello, who specializes in leveraged finance sales and structured credit trading, will join BofA after nearly 14 years with the Swiss investment bank, two sources familiar with the move told Insider.
He will join the US bank’s cross-credit sales desk as a director, and will start the new gig in August, a person familiar with the matter said.
A spokesperson for UBS was not immediately available to comment on Quarello’s departure.
The move is the latest in a flurry of activity across Wall Street as banks lock down talent amid a busy year for financial institutions’ lucrative sales and trading arms.
Deutsche Bank hired veteran trader Michael Lattarulo from Credit Suisse for a senior role at the German bank, Insider reported earlier this month. Lattarulo, known for his ability to trade high volumes of bonds, will focus on investment-grade securities.
HSBC, meanwhile, nabbed eight traders for its US credit-trading arm. Four of them hail from the beleaguered Credit Suisse, Insider reported earlier this week.
In true Wall Street musical chairs fashion, however, Credit Suisse picked up Truls Engebretsen, HSBC’s head of US investment-grade credit trading, sources told Insider. He rejoins the Swiss bank as a senior credit trader.
And earlier this month, Insider reported that RBC Capital Markets added Srihari Rajagopalan, a research analyst from UBS’ credit arm. Rajagopalan will join the Canadian bank’s high-yield bond and distressed credit desk.
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