Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month, reports Risknews’ sister publication FX Week .Departures include co-heads of forex options, David Cooney and Tim Cartledge in London, who have been on gardening leave since early March. They are both expected to join Barclays Capital in London, although the UK bank declined to comment on the potential hires last week.
Institutional sales dealer Lindsay Glynn also left in early March, to join Merrill Lynch in London.
Glynn had only worked at Dresdner, where she reported to Thomas Mummert, managing director of sales in London, for six months, having returned to the sell-side from Fidelity Investments in September 2003. She was the second of four sales dealers recruited for an expansion of foreign exchange sales in September 2003, to leave the bank in March, following the departure of local markets sales dealer Tram Nguyen.
The whereabouts of Nguyen, who joined Dresdner from Standard Chartered Bank, are not yet known.
The other departures are David Cooper, head of hedge fund sales for North America in New York; Tim Bloomer, a real money forex sales dealer in London and Martin Keller, head of international prime brokerage in London.
Keller, who managed prime brokerage for foreign exchange, equities and fixed income, is set to join Deutsche Asset Management (DeAM) in London, a spokesperson at DeAM confirmed last week.
The only direct replacement for any of these departures is a new global head of FX options, Rodney Sherrard, in London. Sherrard has worked in FX options at the bank for about six years, and now reports to Jorge Villon, head of foreign exchange.
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