Bloomberg News

NEW YORK - Eric Swanson, co-head of loans at Donaldson Lufkin & Jenrette Inc., resigned last week to head Goldman Sachs Group Inc.'s West Coast leveraged finance group, according to people familiar with the situation.

Mr. Swanson's departure came two weeks after Steve Hickey, one of the other co-heads of Donaldson's loan group, left to jointly run Goldman's loan group.

David Miller will assume Mr. Swanson's responsibilities and will become head of loan origination for the West Coast, said Bennett Goodman, global head of leveraged finance. Goldman spokesman Jon Murchinson declined to comment.

Goldman and Donaldson have been vying for the top spot in leveraged finance for the past several years. Goldman overtook Donaldson as the No. 1 high-yield bond underwriter in the first half, according to Thomson Financial Securities Data.

Mr. Swanson joined Donaldson in 1996 from Bankers Trust Corp. to help build its bank loan business. He was co-head of bank debt with Mr. Hickey and Harold Philipps, who plans to retire at yearend. Donaldson is looking to replace Mr. Philipps, said Mr. Goodman.

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