JP Morgan and Goldman restructure foreign exchange

JP Morgan and Goldman Sachs have made senior management changes to their foreign exchange divisions that will come into effect early next year.

JP Morgan is introducing a new reporting structure for forex in London ahead of the departure of Adam Burke, London-based head of currencies and commodities for Europe. Troy Rohrbaugh, head of global forex options and head of forex trading in London, Brian Tomeo, head of sales in London, and Jamie Bonic, head of the custody business, will all report to Rob Lichten, New York-based global head of forex. The change in reporting will come into effect at the end of January when Burke leaves to take an eight-month sabbatical.

Lichten said that JP Morgan had a record year in forex in London and New York: "Everything is heading in the right direction for us," he said. He added that Burke had been planning the sabbatical for some time, and will not be replaced.

Meanwhile, Goldman Sachs is said to be merging its global forex group with rates under the New York-based head of North American rates, Ashok Varadhan. The change follows the forthcoming transfer of Bob McTamaney, co-head of global forex, from London to Tokyo. It is also understood that his counterpart, Gregg Tebbe, will retire at the end of the year. McTamaney will move to the bank's pan-Asian securities business.