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Mark Barnes is to take a one-year sabbatical after quitting his position as global head of foreign exchange at Royal Bank of Scotland (RBS) on August 27. He was promoted to the position a year ago, but RBS has said he will return to the bank in a different role next year.

Tim Carrington, formerly global head of derivatives and strategic risk at Canadian bank CIBC, replaces Barnes and will report to Peter Rading and Michael Lyublinsky, co-heads of fixed income, currencies and commodities. At CIBC

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