Goldman, Sachs & Co. has hired Timothy H. Thornton from J.P. Morgan Securities Inc. and Christopher Cassell from Lehman Brothers for its municipal institutional sales operation in New York City.
Thornton was a vice president and sales manager of Morgan's institutional sales effort, while Cassell was a senior vice president in Lehman's institutional sales force. Both were based in New York.
Thornton joined Goldman last week, and Cassell has yet to come aboard, said a source. The pair are joining the firm as salesmen.
Elliot M. Alchek, vice president and national sales manager in Goldman's municipal department, declined comment on the specific details of the hires.
For its part, J.P. Morgan said Damon P. Smith 3d, managing director and head of the firm's municipal bond department, would absorb Thornton's duties for now.
Lehman did not comment by press time.
Goldman recently lost Mark T. Melio, a public finance banker in its Chicago office, to J.P. Morgan's office there.
At the same time, Goldman said Mark B. Florian, who managed Goldman's Chicago public finance effort, would be moving into corporate finance, with Bo Daniels from the firm's New York City headquarters set to replace him in the next few months.
