WestLB closes trading in London

German bank WestLB is closing its trading operations in London to transfer more of its business to Düsseldorf.

Paul Bearman, head of rates trading, has already left the bank and is understood to be heading to Calyon. Alan Attwood, regional head of asset and liability management, is retiring at the end of the month.

Attwood says the bank wants to migrate as much of its trading business as possible over to Düsseldorf in a bid to cut costs.

The decision follows the lowering of West LB’s credit