Danske continues forwards drive

Den Danske Bank has recruited foreign exchange forwards dealer Barry Smith in London as part of the bank’s bid to rebuild its forwards desk, said Matthew Couch, Den Danske's chief dealer for money markets forwards.

A second hire, senior forwards dealer Paul Smith, will join on May 22. Both report to Couch, and through him to treasurer Martin Bracken in London.

Couch said the hires would work towards re-establishing the FX forwards desk in London, which has been below strength for the past eight months due to staff departures.

Senior forwards dealers Lee Sims and David Heaton left the bank last September. The bank does not expect to make further hires, said Couch.

Den Danske now has a six-strong team covering money markets, which include foreign exchange forwards. The bank also operates a forwards desk in Copenhagen, but the major currencies are covered out of London, Couch said.

Barry Smith was previously in a similar position at Nordic banking group Nordea in Copenhagen.

Paul Smith previously worked at Bank One Corporation in London, where he was head of forwards.