We worry that just as we’re getting slowly to grips with the acronym-rich world of structured credit, the people in charge of creating the stuff are all leaving their respective organisations.
The hunt is still on for the last bankers to take their P45s and exit the structured product scene. Edward Cahill is still to be sighted after his departure from BarCap last week. And the exiled gang grew in number with the confirmation from RBS that Rick Caplan, co-head of CDOs at RBS Greenwich Capital, the bank’s US capital markets subsidiary, had left the bank with around a quarter of his 20-strong team as a result of cut-backs.
Now there’s another senior figure to join the group. Rick Ziwot is departing HSBC as global head of the structured credit products group to be replaced by Jeff Jakubiak, who is currently based in London as head of the group’s EMEA outpost and will relocate to New York.
But lest you fear Mr Ziwoit’s departure is related to dark dealings in the world of CDOs, SIVs, SIV-lites and the like, there is a perfectly simple explanation.
A Dow Jones story via the WSJ explains:
The HSBC memo said, however, that the changes to the bank’s structured-credit products group aren’t linked to the meltdown in the market, but instead “come as a result of a decision by Rick Ziwot to retire after his 45th birthday, which was in July.”
Of course. After which he’ll doubtless be spending more time with his family. Or devoting himself to charitable causes.
While the banks’ compliance departments are kept busy fearfully picking through these groups’ work over the past few years.
