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(Bloomberg) — At least five high-yield credit analysts and traders have left Royal Bank of Canada in recent weeks, with some joining rival firms after the bank notched losses linked to the collapse of First Brands Group, according to people familiar with the matter.
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Desk analysts Srihari Rajagopalan, Sydney Ferrigan and Akshay Nagia left for Morgan Stanley, Banco Santander SA and Capital Group, respectively, the people said, asking not to be identified because details are private. Meanwhile, high-yield traders Christian Sady and Sameena Asija departed for UBS Group AG and Bank of America Corp., respectively.
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Separately, Fred Schmidt, a director for credit-derivative trading, also left the Canadian lender, the people familiar said.
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Representatives for RBC, Capital Group, Morgan Stanley, Santander and UBS declined to comment, while a BofA spokesperson wasn’t available to comment.
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RBC’s high-yield team is led by Adam Savarese, the bank’s head of global leverage finance and US structured credit trading.
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Canada’s largest lender is one name on a long list of creditors that were caught up in the blowup of First Brands. UBS, Santander and Jefferies Financial Group Inc. also had exposure to the Cleveland-based company. It filed for bankruptcy in September with more than $10 billion in debt after questions arose about the auto-parts maker’s borrowing and accounting practices.
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Federal prosecutors have accused First Brands founder Patrick James of fraud. James has denied wrongdoing and is contesting criminal charges. First Brands has already placed some of its businesses in liquidation and is in the process of selling others.
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RBC posted strong results across retail banking, capital markets and other business lines last quarter and beat consensus forecasts for profit.
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The bank has been adding to its equities trading division, with new senior traders and sales staff joining recently from firms including UBS, Societe Generale SA, Barclays Plc and HSBC Holdings Plc.
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—With assistance from Reshmi Basu.
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