NatWest Securities US Treasury trading head departs

Jason Sable joined the UK bank in January 2022 from BNP Paribas

NatWest HQ London
Photo: NatWest

Jason Sable, the head of the US Treasury trading desk at NatWest Securities, has left the firm.

NatWest Securities – the US arm of NatWest Markets – is one of the 24 primary dealers that are authorised to participate in US Treasury auctions. 

Sable has run the firm’s US Treasury trading desk since January 2022. He joined from BNP Paribas, where he was a director in the bank’s US rates trading business. Previously, Sable held rates trading roles at several large dealers, including Credit Suisse, Mizuho and UBS

A spokesperson for NatWest confirmed Sable’s exit. The reason for his departure is unknown and it is unclear if he is joining a rival firm. Sable’s LinkedIn and Finra BrokerCheck profiles still list NatWest as his current employer.     

NatWest Securities has been building out its US markets and investment banking operations in recent years. Last April, it hired Thomas Sapio from Cantor Fitzgerald as global head of repo and linear rates in the US. In June, it recruited Scott Roose from Credit Suisse as head of capital markets in the US. At Credit Suisse, Roose led the financing and advisory desk for environment, sustainability and governance (ESG) transactions globally. Previously, he was co-head of debt capital markets in Europe, Middle East and Africa at Credit Suisse.

NatWest Group – part of the Royal Bank of Scotland – remains 39% owned by the UK government, having been partially nationalised during the 2008 global financial crisis. The bank’s shares currently trade at a discount of around half the book value of its assets.

In November, UK chancellor Jeremy Hunt told parliament that the UK government would look to sell its stake in bank. Hunt, though, added that any sales would be “subject to market conditions and achieving value for money”. 

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