RBC made a major systematic credit hire from BofA and now a senior guy is leaving
Change is afoot at RBC Capital Markets in New York City. A major figure is arriving. A major figure is leaving. A business is being split into two.
RBC didn't respond to a request to comment for this article, but multiple sources say the bank has recruited Derek Hafer, the head of global macro credit trading, FICC ETF trading, and systematic trading at Bank of America. Hafer didn't respond to a request to comment.
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In a memo seen by eFinancialCareers, RBC said Hafer will arrive in January as Global Head of Credit and Municipal Markets and will sit on the global markets operating committee thereafter. Various existing people (Rob Doyle, Stephen Gargiulo, Fran Lynch, Santosh Sateesh, Adam Savarese, Justin Snyder and Keith Solomon) will report to him.
While Hafer is arriving, Mark Maroney who's worked at RBC for almost 20 years and who was the bank's head of global spread products, has left. Maroney's intentions are unclear. RBC's memo from head of global markets Jonathan Hunter thanks him for his distinguished career and wishes him "all the best."
Amidst the management changes, RBC is also splitting Maroney's domain into two separate businesses - credit and municipal markets, and securitization and financing. While Hafer will run the first business, Hunter's memo says Rob Jones and Eric Wise will oversee Securitization and Financing on an interim basis. Additional new hires may follow.
Bank of America declined to comment.
Hafer is presumably planning to increase electronic trading at RBC. A new report from Crisil Coalition Greenwich says 54% of investment grade trading took place electronically in September, up six percentage points from the previous year.
Before Hafer worked for BofA, he worked for Citi, where he spent 17 years before leaving at the end of 2022. RBC likes to hire from Citi for its credit business.
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