In 1988, he was named co-head of fixed-income trading in London with responsibility for arbitrage.

Only a few weeks ago, Prudential dismissed 425 investment bankers and administrative staff members in its fixed-income trading and underwriting business.

The "near perfect" conditions in fixed-income trading and improvement in the equity markets that fueled profits were unusual, he said.

Revenue from fixed-income trading totaled $1.12 billion, up from $733 million in the year-earlier quarter.

After the Russian debt default in 1998, the company suffered losses in its fixed-income trading as did many hedge funds.

The only dark spot was fixed-income trading, which declined to $1.9 billion, down 14 percent from the period a year ago.

Goodbody Stockbrokers is planning to open a bonds desk, marking its return to fixed-income trading since 1997.

In his new post, he will continue to oversee fixed-income trading and add equities, a business that is trailing bonds in profitability.

Scot Meyer, who handles risk management for fixed-income trading, shrugged after he was back on his feet.

Another year it was in fixed-income trading, although they have radically turned that division around.