Joe Santomo, the former head of GFI Group's credit derivative desk, who is suing his ex-employers for alleged underpayment of a bonus entitlement and unfair dismissal has been hired by Prebon Yamane, a rival interdealer broker, on a consultancy basis.

Santomo's hire is a coup for the loss-making Prebon, which is seeking to re-enter the credit derivatives market and bolster its brokerage activities ahead of a possible fundraising or merger. However it could also complicate a piece of ongoing litigation that pitches Santomo and Prebon against GFI.