Chase Manhattan Corp. recently combined ts loan syndications, private placement, and high-yield bond businesses into one unit within its securities subsidiary.
Chase said the move reflect a "blurring of the boundaries" that separate the three markets.
The investor base for high-yield loans, private placments, and bonds overlaps to some degree, as do the clients who issue these products.
Other big banks have also integrated these businesss to improve their focus on the needs of their clients and investors.
Previously, Chase executives running each of the three businesses reported to Paul Brandow, head of Chase Securities Inc.
Glasky in Charge
Now, the heads of those businesses will report to Joel Glasky, who was put in charge of the new unit.
Mr. Glasky, who previously ran private placments, will continue to report to Mr. Brandow.
John Youngblood has been named to run private placements, filling Mr. Glasky's old job.
Nick Daifotis will continue to run Chase's high-yield bond origination business.
Chad Leat, a managing director in loan syndications, has been named head of that business, replacing Karen Keating, who ran loan syndications for the past several years.
Ms. Keating is now responsible for strategic planning for all of Chase's capital markets activities worldwide. She reports to Kathy Galbraith, who was put in charge of capital markets earlier this year.
As reported, Ms. Galbraith was one of ten officials promoted to executive vice president last week.