(Corrects second paragraph after company says it misstated Chocano’s responsibilities.)
StormHarbour Securities LP, the brokerage founded by ex-Citigroup Inc. (C:US) traders, hired former Bank of America Corp. (BAC:US) executive Gonzalo Chocano to advise Spanish clients amid concern the country may need a bailout.
Chocano, 42, who joined today, will “drive StormHarbour’s client relationships and coverage in Spain and continental Europe,” according to an e-mailed statement from the firm. He’ll be based in London and his duties will include fixed- income sales and trading, structuring, advisory and underwriting.
The cost of insuring Spain’s debt against default advanced to a record today amid speculation the country may struggle to avoid an international rescue. Spanish lenders’ borrowings from the European Central Bank surged almost 50 percent last month, showing more dependence on government funding as the firms set aside more reserves to cover losses on real-estate loans.
Chocano, who started his securities-industry career at Goldman Sachs Group Inc. in 1994, joined Merrill Lynch & Co. in 2000, according to the statement. In 2010, the year after Bank of America bought Merrill Lynch, he was named co-head of a new futures and derivatives clearing group. He left in 2011.
StormHarbour, with headquarters in London and New York, was started in 2009 by former Citigroup fixed-income executives Antonio Cacorino and Fredrick Chapey.
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