Shock FX fowards job losses at Tullett

Tullett Liberty has suffered a surprise defeat in the integration of its foreign exchange business with that of rival Prebon Yamane, according to RiskNews ' sister publication FX Week .

Broking sources in London said Tullett's forex forwards team has left in the past two weeks, following the completion of parent Collins Stewart Tullett's (CST) purchase of Prebon on October 13.

Neil Standen, head of forwards at Tullett, is among those no longer at the firm's New Broad Street offices last week.

James Potter, Prebon's head of forward FX and cash broking, is reportedly taking on management of forwards for CST's inter-dealer broking (IDB) business, within which Tullett and Prebon will continue to trade under their own names.

A CST spokesperson in London said the company was currently in a consultation period regarding its staffing requirements and would be unable to comment on any departures or new positions until the close of that period. The consultation process is likely to take about a month, said a source close to CST.

Tullett Liberty is considered a strong participant in forward forex broking, and as a subsidiary of the aggressor in the deal, many bankers had thought it relatively safe from job losses during the merger process. But Prebon's apparent success is a measure of that firm's current standing in forwards, said a broking source in London. "You've got to take the best for the job."

Tullett has had better luck in options, however, with Marcus Bolton, the firm's managing director for FX reportedly taking on FX options for the IDB.

Tullett has also secured most of the positions on an executive committee set up to manage the IDB: Stephen Jack, group finance director of the new committee, Lou Scotto, chief executive and chairman of the executive committee, Geoff Chapman, chief information officer, Stephen Duckworth, chief operating officer for Europe and Mark Perkins, chief executive for the Americas, are all ex-Tullett.

From Prebon, Tony Verrier, who becomes chief executive for Europe; Daniel Flannery, the new chief operating officer for the Americas; and Len Harvey, chief executive for Asia, all get places on the committee. Terry Smith, group chief executive of CST, will serve as group chief executive on the committee.

But Patrick Keenan, executive director of Prebon, who was set to become chief operation officer of the new business has left Prebon since the takeover.