"We linked the yield on the bond to the yield of the team on the field," Edoardo Tamburini, the head of equity derivatives at Caboto Sim and the person who thought up the bond, told Bloomberg News.
The origination desk will now have equity and fixed-income origination under Tyler Dickson, its former head of equity capital markets.
"It's ugly, but it's orderly," said Matt DeSalvo, head of equity sales trading at Credit Suisse.
As Natasha Lamb, head of equity research at Arjuna, puts it, "Shareholder value is at stake.
The summary also named Philippe Baboulin, the bank's head of equity finance, and Luc François, a co-head of the equities and derivatives department.
"Worse is yet to come," said Conita Hung, head of equity research of Delta Asia Financial Group.
Mark Hantho has joined Banc of America Securities as a managing director and global head of equity capital markets.
"The market feels pretty ugly," said Bill Schneider, head of equity block trading at UBS Warburg.
Jon Anda, Morgan Stanley's head of equity, and Walid Chammah, head of debt capital markets, will co-manage the combined unit.
"This big buyback is concrete and real," said Owen Fitzpatrick, head of equity trading at Deutsche Bank Private Wealth Management.
Steve Clayton, head of equity research at Hargreaves Lansdown, said the trading update was "a dispiriting affair".
