Danske restructures FX sales

Danske Bank has reorganised its forex sales team in London into separate units for corporate and institutional customers.

Previously structured as a single team, the move will enable the bank’s dealers to focus more on their own areas, said London treasurer Martin Bracken. “Different customer segments require different approaches.” Institutional sales customers, for example, require much more managed solutions, he told RiskNews’ sister publication FX Week.

The bank has hired two senior staff, both reporting to Bracken, to manage the new teams. John Miles joined the bank on November 18 to manage corporate FX sales. He was previously at Commonwealth Bank of Australia in London, where he also managed corporate FX sales.

Roy Nicholas joined Danske Bank in October to manage the institutional FX sales team. He left his position of institutional FX sales manager at French investment bank SG in July. He has also managed institutional sales at ABN Amro in London.

Each sales team now comprises a manager and two other dealers. There have been no other hires, nor are there plans to make further additions to the team, said Bracken.