Only months after expanding with new hires, BTIG has made large cuts to its high yield sales and trading group.
The New York-based financial services firm has lost its head of high yield and distressed trading Robert Langer, as well as recent hires Kevin McDonald and William Tillinghast.
BTIG announced the hiring of McDonald and Tillinghast just last month as vice president and managing director of high yield sales, respectively. Drew Meany, Drew Rymer and Tim Sumner have also recently left, according to a Bloomberg report.
ASR sister publication Leveraged Finance News has confirmed that the firm’s coheads of global fixed income Jonathan Bass and John Purcell and head of high yield and distressed sales Robert Hannigan have also departed.
BTIG’s COO Anton LeRoy declined to comment.
BTIG had been expanding its fixed income group throughout the year. In May it expanded its fixed-income group by adding Michael Noonan along with Rymer and it expanded its high yield and distressed desk analytics group with two new hires in February.