BancBoston Securities Inc. added yet another arrow to its quiver of junk bond brainpower, hiring Peter DeCaprio from Dillon Read & Co.'s high- yield research group.

Mr. DeCaprio, 35, will be a managing director on BancBoston's high-yield research team, specializing in telephone and wireless companies. He will report to Richard Miller, managing director and head of high-yield research.

To build the media and telecom franchise at the BankBoston Corp. unit, Mr. DeCaprio said he is looking for someone to cover cable and possibly paging.

The media and telecom franchise "is a big lending effort of the bank and is 40% of the high-yield issuance," Mr. DeCaprio said. "It's one of the bank's biggest lending exposures."

Mr. DeCaprio spent four years with Dillon Read, where he was a media telecommunications analyst in the high-yield group.

Natwest Markets, the investment banking subsidiary of National Westminster PLC, is reorganizing its equity division.

Joe Lafferty, 45, formerly Natwest Markets' head of stock sales and trading, has been named head of over-the-counter stock sales and trading.

Edmund Warner, Natwest's global head of research, has been promoted to managing director of European equities. He will report to Mr. Lafferty, who will be based in New York.

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