Chemical Names Four to Trading Posts
Chemical Banking Corp. named four executives on Tuesday to fill key trading posts after the company merges with Manufacturers Hanover Corp.
Unlike past personnel announcements - where one bank emerged as dominant in a specific product or staffing area - traders from the two companies split their domains equally. However, Hanover's Christine Patton, a veteran foreign exchange trader who headed the currency team, announced internally that she will resign.
Tuesday's announcements split up the kingdom beneath Petros Sabatacakis, a Chemical executive who previously was put in charge of treasury, risk management, and foreign exchange functions at the combined bank. Mr. Sabatacakis reports to Donald H. Layton, a Hanover executive on the joint management committee.
Paul H. Dimmick, 42, will run global securities trading and distribution. Mr. Dimmick, who has been president of Hanover's futures and securities underwriting and trading subsidiaries, also will be in charge of those operations at Chemical.
The banks made no announcement about Morgan Stark, Mr. Dimmick's counterpart at Chemical's securities underwriting unit.
On the funding and proprietary investment side, Chemical made a democratic split.
Hanover's Bruce G. Hannon, 44, will run international funding and be in charge of the combined bank's overseas investments. Ina R. Drew, 35, who headed domestic funding and investment at Chemical, will be in charge of the domestic area.
Foreign Exchange Roster
The frequently profitable foreign exchange sector, which includes options and swaps trading, was won by Don M. Wilson 3d. Mr. Wilson, 43, was brought back from London last year to run the unit at Chemical.
Hanover's Ms. Patton, 44, told bank officials she will leave when the merger is completed. Ms. Patton, who has been at Hanover for seven years, could not be reached for comment.
With the new round of survivors in place, Chemical now outpoints Chemical 26 to 22 in post-merger senior executives.
PHOTO : UPWARD & OUTBOUND: Chemical's Don M. Wilson will run foreign exchange and swaps trading after the merger. Hanover's Christine Patton will leave the bank.