JPMorgan Chase & Co. (JPM) hired Mark Alberici, who left Bank of America Corp. last month, as head of equity derivatives structuring in New York.
Alberici, who works on structured notes that the bank creates for sale to retail investors, started at JPMorgan this month, said Justin Perras, a company spokesman. He reports to Jason Sippel, managing director of equity derivatives in New York.
Alberici declined to comment when reached at his office.
He worked at Merrill Lynch, Pierce, Fenner & Smith Inc. since July 2000, according to online records of the Financial Industry Regulatory Authority. Bank of America bought Merrill Lynch in 2009.
The move was originally reported by Structuredretailproducts.com, an industry newsletter.
Banks create structured notes by packaging debt with derivatives to offer customized bets while earning fees and raising money. Derivatives are contracts whose value is derived from stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather.
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