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Banc of America Securities has stepped up its hiring from rival firms in recent months, but many of these new hires--and internal relocations--are opting for New York rather than moving to the unit's San Francisco headquarters.
The moves raise speculation that the investment bank's headquarters might eventually move to New York.
"They were all based in New York and didn't have a longing to move to San Francisco to do the job. Nor did we think we could hire in San Francisco the people we needed to compete," said Carter McClelland, head of banking and equities at Banc of America Securities.
Bank officials say they remain committed to the Bay Area. But …