Fifth Third Bancorp hired Kevin Roche and Jeff Miller from Janney Montgomery Scott LLC to lead a new group focused on sales and trading of structured notes, market-linked certificates of deposit and ordinary CDs.
Both started at Cincinnati-based Fifth Third on Monday as managing directors and will report to fixed-income chief Mark Brown, he said in a phone interview. Roche, who’s based in Atlanta, and Miller, based in New York, will mainly work on originating, underwriting and distributing the products.
The lender is seeking to expand the group to help create more proprietary structured products issued by other banks, Brown said. Fifth Third also hopes to issue its own products, subject to internal approval, a move that is probably at least a year away, he said.
“Capital markets is a clear growth area for Fifth Third,” Bob Marcus, the bank’s head of capital markets, said in an interview. He cited structured notes and CDs as part of that effort.
Roche and Miller joined Janney Montgomery Scott in 2012 as co-heads of sales and trading for CDs, structured notes and vanilla notes.
Karen Shakoske, a spokeswoman for Philadelphia-based Janney, didn’t immediately return messages seeking comment.