RBC Capital Markets Hires Bank of America Executive
RBC Capital Markets is reorganizing its spread products business as part of a strategic shift involving new leadership.
Updated on Oct. 20, 2026 in Stock Markets
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RBC Capital Markets has recruited Derek Hafer from Bank of America to lead its newly restructured credit and municipal markets division. The move follows the departure of Mark Maroney, who served as the head of global spread products for nearly 20 years.
Why it matters
The hire coincides with a broader structural reorganization at RBC, which is splitting its global spread products business into two distinct units. This transition aims to adapt the firm's operations to shifting market trends, including the rise of electronic trading.
Investment grade trading reached 54% electronically in September 2026, marking a six percentage point increase. The transition includes a new leadership structure for credit and municipal markets arriving in early 2027.
The players
Derek Hafer
He is the incoming head of credit and municipal markets at RBC who previously spent 17 years at Citi.
Mark Maroney
He recently departed RBC Capital Markets after a tenure of nearly 20 years leading the global spread products business.
RBC Capital Markets
This global financial institution provides investment banking, corporate banking, and capital markets services to clients.
Bank of America
It is a multinational investment bank and financial services holding company headquartered in the United States.
The details
RBC is dividing its global spread products business into a credit and municipal markets division and a separate securitization and financing unit. Rob Jones and Eric Wise are currently managing the securitization and financing business on an interim basis.
Timeline
Derek Hafer left Citi at the end of 2022.
Electronic trading volume reached 54% in September 2026.
Derek Hafer arrives at RBC in January 2027.
Market Dynamics
The push toward electronic trading in investment grade corporate bonds is forcing firms like RBC to rethink their organizational structures to maintain competitive execution capabilities. This reorganization follows the pattern set by the industry-wide shift toward automated trading execution.
The restructuring suggests RBC is prioritizing increased operational efficiency to better compete in a market increasingly dominated by electronic trading. Clients can expect potential shifts in service delivery as the new credit and municipal markets division takes shape next year.
The takeaway
Firms are increasingly restructuring their leadership teams to keep pace with the digitalization of credit markets. Investors should monitor how these organizational changes impact the liquidity and execution speeds offered by major capital market entities.
Further reading
For more on industry shifts, visit the Stock Markets section.
Source note: This article includes information reported by EFinancialCareers.
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