Bank of America Corp. hired Ray Doherty, who left the company five months ago to sell structured notes at PrinceRidge LLC.
Doherty confirmed he joined the bank in a phone call from his office in New York. He declined to elaborate. Zia Ahmed, a spokesman for Bank of America, declined to comment.
PrinceRidge’s parent company, Institutional Financial Markets Inc. (IFMI), said Oct. 2 it would cut 20 percent of its workforce to consolidate the brokerage with JVB Financial Group. Doherty focused on structured notes tied to stocks, currencies and commodities there, he said in a June interview.
Doherty joined Merrill Lynch International Bank Ltd., which was later acquired by Bank of America, in 1993, he said in the interview.
Banks create structured notes by packaging debt with derivatives to offer customized bets to retail investors 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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