KeyCorp is hiring Royal Bank of Canada’s head of mortgage-bond trading, Joe Vaccaro, and structured products salesman Mike Corsi as the regional lender expands its bond business, according to three people with knowledge of the matter.
Vaccaro will have a senior role overseeing mortgage-bond trading in the Cleveland, Ohio-based bank’s New York office, while Corsi is joining KeyCorp’s structured products sales group, said the people, who asked not to be identified because the hires haven’t been made public. Vaccaro, who also led RBC’s asset-backed and commercial mortgage-bond trading, departed in December. Corsi resigned from RBC on Tuesday.
Vaccaro didn’t respond to phone messages seeking comment and Laura Mimura, a KeyCorp spokeswoman, didn’t respond to phone messages seeking comment about the hire. Corsi and Hannah Sloane, an RBC spokeswoman, and declined to comment.
After the financial crisis, smaller dealers like KGS-Alpha Capital Markets LP and Gleacher & Co. sought to expand their bond businesses as big banks pulled back. Some of the efforts stalled, but over the past year firms like Amherst Pierpont Securities are expanding again amid a renewed fixed-income retreat by major banks like Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG.
RBC’s securitized products group has lost other senior executives in recent months. Departures include Chris Belhumeur, who was co-head of sales and trading for securitized products, in October, and Dave Stauber, who ran asset-backed securities trading, in September.