RBC High-Yield Desk Sees Attrition After First Brands Losses

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.

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.