The flesh is the best.
Machines are having a hard time infiltrating junk-bond trading like they have the Treasury market. That means banks have to keep teams of human traders to remain relevant in this lucrative market.
His move will bring the number of high-yield bond traders in New York to six after adding at least three others this year, according to Amanda Williams, a spokeswoman.
Banks are struggling to balance the need to shrink their balance sheets due to new regulations while also trying to maintain their position in capital-intensive businesses. Those areas - like speculative-grade debt - can be especially lucrative in times of turmoil.
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