Last week Salomon Smith Barney created a new principal finance group, to be headed by former U.S. term ABS co-heads Bill Grady and George Graham, moving top bankers Bob Malin and Ted Yarborough up to take over the entire domestic term effort.

The new group will operate in tandem with the asset-backed term business, working with the ABS trading desk. Malin and Yarborough will now report to the co-heads of Global Securitized Markets, Mark Tsesarsky and Jeff Perlowitz, as will Grady and Graham.

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