It’s been a great day for Jay Kim; he just took his old boss’ job.
Kim was co-head of securitized-products origination for the Americas at Barclays. He’s just been hired by Credit Suisse to run their Asset Backed Securities (ABS) unit — a role he’ll begin in May.
About 10 other members from Kim’s team at Barclays will be joining him at the Swiss bank, according to the Wall Street Journal.
Another Barclays alum, Michael Wade is the current chief of ABS at Credit Suisse. That essentially means that Kim has just replaced his old boss from Barclays. Wade only came to Barclays from Credit Suisse last April.
Wade, up until today, ran ABS with a veteran Credit Suisse exec called Tricia Hazelwood.
According to the WSJ, “it is unclear at this point whether Mr. Wade and Ms. Hazelwood will find other opportunities at Credit Suisse or leave the bank.”
Now, that does not sound good for either one of them. And Credit Suisse is making serious moves to boost its asset-backed business, so we can only assume at this stage that performance was lacking. However, under Hazelwood and Wade, the business has flourished over the past year: last year its share of the market grew to 5.2% from 4.6% in 2009, on 27 deals, valued at about $6.6 billion.
A bank spokesman told the WSJ that neither of Wade or Hazelwood was available to comment.
In the meantime, Albert Sohn will act as interim head of the bank’s asset-finance group.
Now, about Jay Kim. He has been with Barclays since 2001. Before that, he was an associate at Salomon Smith Barney, and before that, spent two years with BarCap. He began his career as an analyst at Brown Brothers Harriman. He earned a degree from Bucknell University.
So some details about the jilted…
Wade was a veteran at Barclays, having joined in 1994. He was named a “rising star” when he was made Managing Director in 2002, and was also credited with development of the FDIC’s ABS Loan Facility program during the financial crisis.
Hazelwood, joined Credit Suisse First Boston in New York as a vice president in 2000. Before that she had worked for the bank’s Australian outpost since 1995. Before that, she worked at Salomon Brothers as an analyst in the mergers and acquisitions team. She earned a degree in Economics from the University of South Australia.