Whiteside to head global FX at Lehman

Former global head of foreign exchange, New York-based Mark De Gennaro, now becomes head of global FX sales, reporting to Whiteside. De Gennaro had only recently re-assumed full responsibility for Lehman’s global foreign exchange business after London-based co-head Ivan Ritossa left the bank to join Barclays Capital.

A spokesman for Lehman Brothers in New York said the move was part of an ongoing expansion of the bank’s activities for institutional clients in FX markets globally. "We’ve focused on a number of different businesses in capital markets, and we’re now looking to upgrade FX," he said. In his former role, Whiteside, who has worked for Lehman Brothers for 18 years, had significant involvement in foreign exchange, and knows the business well, the spokesman added.

The spokesman denied that Whiteside’s appointment represented a demotion for De Gennaro. "The business itself has grown with the greater commitment to building up the FX product line, so there has been an overall increase in the size of role he has," he said.

De Gennaro will initially transfer to London to manage the overall business side of FX in the City until Whiteside can relocate from New York, said the spokesman. Thereafter, De Gennaro will return to New York, and Whiteside will continue to spend a significant amount of time in New York according to client needs, the spokesman added.

Meanwhile, Lehman Brothers also confirmed the hire of a senior dealer in FX sales. Karenna Kwok starts at the bank today, focusing on North American clients. She leaves State Street in Boston, where she was a vice-president in FX sales.