Jefferies & Co. has hired two former Merrill Lynch and Royal Bank of Scotland bankers to expand its global credit sales and trading business.

Jean-Marc Zaffran, previously head of emerging market fixed income sales at Merrill, joins as a managing director and international credit salesperson, and Tom Jenkins, a former director and senior financial analyst at RBS, joins as senior vice president and international credit analyst.

Prior to his time at Merrill, Zaffran founded MacFutures, which was later acquired by Refco Securities. Jenkins, who spent five years at RBS, was previously with ABN Amro and Standard & Poor’s.

Jefferies' global fixed income group now consists of more than 450 professionals.