CIBC World Markets has hired James P. Gorman as a special-situations and distressed-credit analyst in the high-yield research team of its leveraged finance group.

He was also named an executive director of the Canadian Imperial Bank of Commerce unit.

Mr. Gorman was a vice president at Lazard Freres & Co., his employer for 10 years.

He will remain in New York and report to Edward P. Mally, the head of global high-yield research and a managing director of CIBC World Markets.

Mr. Gorman succeeded Ken Rubin, who has joined another firm, CIBC said.

WESTMellon Financial Corp. in Pittsburgh has promoted senior vice president John J. Cortis to Pacific Northwest manager for Mellon Private Asset Management.

He had been the unit’s Northern California and Pacific Northwest regional sales manager since joining Mellon in 1994. Before that he had been the executive vice president in charge of private banking at Bank of San Francisco, his employer for 12 years.

Mr. Cortis is based in Seattle and in Bellevue, Wash., and reports to Chris Sheldon, senior vice president and western regional manager.

Mellon Private Asset Management serves high-net-worth individuals and families, family offices, endowments, foundations, and charitable gift programs. The unit has $90 billion of assets under management and is headquartered in Boston.

Deutsche Bank AG has hired Octavio Calvo as a director covering Mexico in the Latin America debt capital markets division of Deutsche Banc Alex. Brown, its U.S. securities unit.He is based in New York and reports to Tim Dowling, the head of the division.

Mr. Calvo came from Credit Suisse First Boston, for which he covered the Mexico and Central America debt capital markets. He worked at CS First Boston for six years.

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