Deutsche Bank veterans Amrolia and Felson to lead new fixed income and currencies unit; de Boissard promoted to investment banking co-head at Credit Suisse; fixed income chief Hoornweg leaves UBS Deutsche Bank is merging its global finance, foreign exchange, rates and credit trading businesses into a new fixed-income and currencies (Fic) division, the bank announced to employees last month. The Fic division will be headed by Zar Amrolia, head of markets electronic trading, and Wayne Felson, global head of rates and flow credit trading. The duo, based in London, will now become co-heads of Fic, in addition to their existing responsibilities. The creation of the Fic division is the latest in a string of senior management changes within Deutsche’s investment banking business. Amrolia, who had been global head of foreign exchange since 2006, was promoted in September to manage all electronic platforms across fixed income, with Kevin Rodgers stepping up to become global head of foreign exchange. Felson has been at Deutsche Bank since 1995, having previously worked in derivatives research at Salomon Brothers. He has held a number of senior roles at Deutsche, including head of European rates, and head of complex risk for global rates and equities. Amrolia also joined Deutsche Bank in 1995 and spent five years in various roles in options trading and structuring before becoming global head of sales. He left to join Goldman Sachs in 2000, where he became partner, managing director and co-head of forex. He returned to Deutsche in 2004, initially as global head of foreign exchange sales. In 2008, he was global head of foreign exchange when Deutsche Bank won Risk’s currency derivatives house of the year award. He was still in the role when his team repeated the feat a year later. Gaël de Boissard has been named as co-head of Credit Suisse’s investment banking division – alongside Eric Varvel – after a management reshuffle at the firm. De Boissard will be appointed to the executive board and will also serve as head of the Europe, Middle East and Africa region, while retaining the leadership of Credit Suisse’s fixed-income business. Varvel will head Asia-Pacific and continue to run the equities business and investment banking department. De Boissard has held various senior positions within the fixed-income business at Credit Suisse, including head of global rates and foreign exchange, and was most recently co-head of global securities. He joined the firm in 2001 after an 11-year career at JP Morgan, where he ended as head of European fixed-income trading. He is also chair of the Association of Financial Markets in Europe. De Boissard has been a key figure in Credit Suisse’s attempts to adjust to the new regulatory reality. Risk-weighted assets (RWAs) are expected to increase dramatically across the banking sector thanks to the introduction of the Basel 2.5 and Basel III prudential banking reforms. At the end of the third quarter last year, Credit Suisse estimated that RWA consumption in its fixed-income business would increase from Sfr74 billion to Sfr209 billion under the new rules, 77% of the total for the whole investment bank. In contrast to UBS, which announced plans to exit fixed income in October, Credit Suisse has decided to constrain the capital consumption of its trading businesses while attempting to preserve its revenue-generating power. Speaking to Risk about the process in July, De Boissard said the current strategy will see Credit Suisse better placed than its rivals over the long term. “This work – of evolving the business and reducing risk – has certainly been challenging. It has had an impact on the type of business we want to compete for, but we believe this is the right strategy for the bank – and it puts us ahead of our competitors given they will also soon have to overhaul their business models to meet the new regulations,” he said (Risk July 2012, pages 24–27, www.risk.net/2184664). Mark Carney will become the next governor of the Bank of England, taking up the role when Mervyn King steps down in July 2013. Carney is currently the governor of the Bank of Canada, and will be the first non-UK national to lead the Bank of England in its 318-year history. Carney’s appointment came as a surprise, with many commentators expecting the Bank of England’s current deputy governor, Paul Tucker, to land the role. Another highly respected UK regulator – Adair Turner, chairman of the Financial Services Authority – had also applied for the job. Carney has led the Bank of Canada since October 2007, and has been chairman of the Group of 20’s Financial Stability Board since November 2011. He began his career at Goldman Sachs, where he worked for 13 years, finishing as a managing director of investment banking. He spent a year as deputy governor of the Bank of Canada from 2003 to 2004, and then worked at the Canadian government’s department of finance from 2004 to 2007. Roberto Hoornweg, global co-head of fixed income, currencies and commodities (Ficc) at UBS, has resigned from the bank as it continues the high-profile restructuring of its investment bank, which will see the loss of around 10,000 jobs. Based in London, Hoornweg reported to Carsten Kengeter, who was previously joint chief executive of the investment bank. In the wake of the restructuring, Kengeter will lead the task force that will wind down the positions held by UBS’s now-defunct trading units. Andrea Orcel is now sole chief executive of the investment banking division. Hoornweg joined UBS from Morgan Stanley in 2010 after a 17-year career at the US bank, finishing as head of interest rates and currencies. Hoornweg became co-head of securities at UBS in 2011 following the departure of Dimitrios Psyllidis, the joint global head of Ficc at the time. NYSE Euronext has named Demetria O’Sullivan as the new chief risk officer of NYSE Clearing, its London-based derivatives clearing service. O’Sullivan joins from Citi, where she was global head of risk for futures and over-the counter clearing from June 2011. Prior to that, she held a similar role at JP Morgan. She has also served on the risk committees of a number of global central counterparties. O’Sullivan will report to Mark Ibbotson, chief executive of NYSE Liffe for clearing, trading and regulation. Zachary Felshman, co-head of electronic foreign exchange sales for the Americas at Credit Suisse, has left the bank after more than three years. Based in New York, Felshman joined Credit Suisse in mid-2009 from Royal Bank of Scotland, where he held a similar role. Prior to that, he had been an associate director and head of electronic forex sales and trading for North America at Barclays for 10 years. Paul Buckley, Felshman’s co-head, remains in his role, although it is not yet known whether he will take on full responsibility for electronic forex sales. Felshman’s departure follows a number of exits from the bank’s sales team in recent months. Credit Suisse declined to comment. Felshman’s plans are not yet known. Elsewhere at Credit Suisse, Stephan Nägeli, a foreign exchange sales manager in Zurich, has left the firm after more than 14 years. Nägeli headed Credit Suisse’s premium solutions and banks team, which sits within the global currencies and emerging markets division created at the start of this year to bring together the forex and emerging markets businesses. Nägeli joined the Swiss bank from Citi in July 1998, where he worked in corporate sales for three years. His departure follows a string of exits across the firm’s forex sales business this year. In October, Ivan Chan, head of foreign exchange sales for Asia, left Credit Suisse’s Singapore office, while Nande Khin and Raymond To both left the bank’s forex sales team in Asia last month. Olivier Desbarres, director and head of foreign exchange strategy for Asia-Pacific ex-Japan at Barclays, has left the bank. The move followed reports in the UK press in November that Desbarres had been involved in an altercation with construction workers outside his Singapore home. Footage of the incident appeared online. Desbarres joined Barclays from Credit Suisse after 13 years at the Swiss bank. He held a number of roles within the economics and strategy functions in the research division and since May 2008 was Asia currency strategist in Singapore and spokesperson for Group of 10 forex. He reported initially to Paul Robinson, then head of global forex research, and Jon Scoffin, head of research for Asia-Pacific and head of global credit research. Barclays reshuffled its strategy team in October, moving London-based Paul Robinson to a cross-asset research role. Jose Wynne, head of North America forex research, has taken over his role as head of global forex research. Gerard Lyons has resigned from his position as chief economist and group head of global research at Standard Chartered. Lyons was based in London, and had worked at the firm for 13 years. During this period, he sat on the global markets management team and risk management committee, and acted as an economic adviser to the board and a member of the bank’s executive forum. Lyons began his career as an economist at Chase Manhattan Bank in 1985, and has since worked as the chief UK economist at international stockbrokers Savory Milln and the Swiss Bank Corporation. He was also executive director and chief economist at DKB international. Lyons announced his retirement on social media website Twitter, saying he will be “taking a short break and will be announcing a new role outside the financial sector” in early December. Mary Schapiro has stepped down from her position as head of the US Securities and Exchange Commission (SEC). Schapiro took up the role in early 2009, and has been praised for restoring the institution’s reputation after it was severely buffeted by the 2008 banking crisis. However, the SEC has recently come under fire for getting bogged down with its Dodd-Frank Act rule-writing responsibilities. Prior to her time at the SEC, Schapiro was chief executive of the Financial Industry Regulatory Authority (Finra), a non-governmental regulator for securities firms engaged in business with the US public. She joined Finra in 1996, and was a commissioner at the SEC from 1988 to 1994. Her political affiliation is registered as independent, and her departure leaves the SEC split evenly between Republicans and Democrats. The White House has named Elisse Walter, also of the SEC, as Schapiro’s interim replacement. Walter may serve until December next year before a long-term replacement is chosen by President Barack Obama. Citi has appointed Daniel Mitchell as a foreign exchange options trader for central and eastern Europe, the Middle East and Africa (Ceemea). Based in London, Mitchell will report locally to Chirag Patel, head of Ceemea and Group of 10 forex options trading. Mitchell joins from Royal Bank of Scotland (RBS), where he worked for 11 years. He jointly ran the Ceemea options book from 2009, having previously been responsible for the Latin America flow desk in New York for two years. He originally joined RBS to develop forex options risk management software, before switching to trading in 2005, running the second-generation emerging markets options book and then first-generation Ceemea exotics. Meanwhile, Citi has also hired Nihel Bensenane for its bank sales group in London, with responsibility for banks, central banks and sovereign wealth funds across the Middle East and North Africa. Bensenane joins from Credit Suisse in Dubai and now reports jointly to Wissam Farah, head of investor sales for Ceemea, and Adam Margolis, head of forex bank sales for Europe, the Middle East and Africa. Citi has made several other forex sales appointments recently, including Elan Bassier, Johan Holmstrom and Vishal Sawhney, who joined from Deutsche Bank, Barclays and RBS, respectively. All three report to Alex Jackson, head of investor sales in Europe. Eric Maine, head of product development for commodity derivatives at the Singapore Exchange (SGX), is set to move to rival Hong Kong Mercantile Exchange to take up a similar position there. Maine joined SGX in June last year to head development efforts for listed commodity derivatives. Before joining SGX, Maine led new product development and marketing at the New York Board of Trade, which was subsequently taken over by Ice. ANZ has merged its Asian and Pacific businesses under the remit of current chief executive for Asia Gilles Planté, who will become ANZ chief executive for Asia-Pacific. Planté, who was recently given overall accountability for ANZ’s retail franchise in Asia and the Pacific, will remain in Hong Kong, reporting to Alex Thursby, chief executive for international and institutional banking. In addition, Vishnu Mohan will become chief executive of the Pacific, reporting to Planté. Mohan is currently chief executive of Fiji and will retain in-country responsibility for that market as part of his expanded remit. Mohan replaces chief executive for the Pacific, Michael Rowland, who has taken a new ANZ role as general manager of transformation, customer experience and business productivity. Fraser Kerr, head of the European emerging markets foreign exchange options desk at Credit Suisse, is leaving the bank to join Jefferies Bache. Based in London, Kerr will start in his new role in January, and will be responsible for expanding the bank’s forex options business and increasing its risk-taking profile in the asset class. He will report locally to Richard Selby, head of forex trading for the UK and Europe. Kerr has been at Credit Suisse for seven years and reported most recently to Valery Pushnya, head of emerging markets trading in Moscow. Pushnya is currently relocating from Moscow to London. Kerr joined Credit Suisse in 2005, after completing a doctorate in physics at the University of Oxford, and began as a relative value proprietary trader in forex options before becoming a market-maker for Group of 10 forex options. From 2007, he covered various emerging markets, including Europe, Asia and South Africa. Interdealer broker Icap has hired Richard Vine as head of financial futures and options broking for Asia-Pacific, based in Singapore. Vine reports to Anthony Warner, chief executive of Singapore, and Gary Pettit, global head of financial futures and options. Vine has 25 years of industry experience, both on the buy and sell side in the UK, the US and most recently Asia. He joins from RBS Asia where he was head of Asia-Pacific futures. He was previously at Man Financial and earlier in his career co-founded Kyte Broking, a successful independent brokerage business on Liffe....
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