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Prebon Asian MD to retire
HONG KONG -- Joe Lam, managing director of brokerage house Prebon Yamane (Hong Kong), and head of the firm’s forex business in the region, will retire from the firm following 27 years with the company. His replacement has yet to be named.
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Ideaglobal snares Paul Thrush
Danske restructures FX sales
LONDON -- Danske Bank last week completed the reorganisation of its forex sales team in London into separate units for corporate and institutional customers.
Investment banks cut FX
NEW YORK -- Lehman Brothers and JP Morgan Chase have cut FX jobs, senior officials told FX Week. The cuts are the first sign that forex may suffer as a result of the year’s depressed investment-banking activity -- so far the product has benefited from…
King in line for BoE top job
LONDON -- The City last week welcomed the appointment of Melvyn King as the next governor of the Bank of England, following the retirement of Edward George in June 2003.
Dealers cautious on bonus expectations
LONDON -- FX dealers are expecting moderate payouts this year, as the bonus season kicks off with payout announcements from the US investment banks this month.
Ex-dealers seek to return
LONDON -- January will see a host of forex market participants returning to the markets, after stints in e-commerce or at buy-side firms, report industry recruiters.
HBOS names new treasury head as senior exec resigns
LONDON -- HBOS Treasury Services last week named Lindsay Mackay as its new head of treasury, following the departure of Roger Woodbridge, deputy chief executive.
Goldman refutes rumours of fixed income/equities merger
NEW YORK -- Goldman Sachs dismissed market rumours last week that it is considering a merger of its fixed income and currencies division with equities in the US
New York banks silent on FX job cut rumours
NEW YORK -- Spokespeople for Citigroup and Dresdner Kleinwort Wasserstein (DrKW) in New York last week declined to comment on rumours that both have recently cut FX staff in the centre.
BIS opens Americas office
MEXICO CITY -- The Bank for International Settlements (BIS) has opened a representative office for the Americas in Mexico City.
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Rabo trader slated to join NCB
RBC builds London FX
LONDON -- Royal Bank of Canada is building its London foreign exchange group in response to growing business in London and Europe, a senior official told FX Week .
ACI UK elects new president
LONDON -- The UK branch of forex body ACI-The Financial Markets Association elected Pinder Grewal as its new president on October 10.
Citi to outsource e-liquidity
Forex giant goes online to service growing ranks of 'buy-side' banks
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Bayerische Landesbank rejigs European FX German firm Bayerische Landesbank is reorganising its European forex business, a senior official at the bank in London told FX Week .
Lehman expects to hire in FX despite rumoured IB cutbacks
LONDON -- Lehman Brothers’ foreign exchange operations will not be affected by cuts in investment banking in Europe, a senior official at the bank in London told FX Week .
Alpha closes London FX
LONDON -- Greece’s Alpha Bank has closed its London treasury and capital markets operation and moved all FX trading to its Athens HQ, a senior official at the bank in London told FX Week .
RBC snares two for sales team
LONDON -- Royal Bank of Canada Capital Markets has hired two new staff for its FX sales operation in London.
ANZ completes merger of spot and options trading
MELBOURNE -- ANZ Investment Bank has completed a reorganisation to merge spot and options trading, in favour of expanding its global sales forces.
Asia FX specialists key to onshore expansion
HONG KONG -- Market participants with specialist knowledge of Asian FX are becoming more valuable as banks expand their onshore FX options services in the region, senior options officials told FX Week .
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Goldman gains in FX sales