Derivatives executives continue to swap jobs.

It's getting harder to tell the players without a scorecard in the derivatives market these days.

With demand for talent strong, executives are moving between rival firms for the promise of big money and loftier titles. The raiding has triggered a domino-effect which has affected both commercial and investment banks.

Just last week, Bear Steams & Co. hired a derivatives specialist from Morgan Stanley & Co. for a new marketing post.

Donald Martocchio, a fiveyear veteran of Morgan Stanley, has been named a managing director at Bear Stearns with responsibilities for marketing equity derivatives in North and South America.

In his new post, Mr. Martocchio will report to Wendy de Monchaux, senior managing director and head of derivatives. Ms. de Monchaux was hired early last year to consolidate and expand the firm's derivatives business, which previously was conducted out of several separate departments.

Earlier this year, Bear Steams added 10 executives to its derivatives department in New York, London, and Tokyo. Mr. Martocchio was unavailable for comment.

At Lehman Brothers Inc., veteran banker Bruce Brittain has been named managing director and will handle the marketing of the company's equity derivatives.

Mr. Brittain, who most recently held senior posts at Swiss Bank Corp.'s investment banking division, is expected to help shore up Lehman Brothers' recently decimated derivatives department, which saw the exit of 11 derivatives professionals.

Before joining Swiss Bank, Mr. Brittain worked in derivatives marketing at Salomon Brothers Inc. in London.

During the past two months, Canadian Imperial Bank of Commerce has recruited the Lehman Brothers executives, including former equity derivatives head Michael Rulle, to start a New York derivatives operation.

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