People: Rates revamp at Nomura, JP’s structuring shuffle, and more

Latest job changes across the industry

Photo: MIKI Yoshihito/Flickr

Nomura has hired Moritz Westhoff as its new head of US rates in New York, following a seven-year stint at Bank of America. He will report to global co-heads of rates Nat Tyce and Tetsuya Hiraoka.

Westhoff’s previous role at Bank of America was head of US and Canada linear rates trading. Before BofA, he spent eight years at Goldman Sachs, where he was an executive director of US government bond trading.

Nomura’s rates business has undergone a shake-up in the past year-and-a-half, as the bank navigated a bond futures manipulation episode in Japan and a new mandate to double its profits by 2031. After the bank’s admission last October of its role in the market manipulation, global head of rates Richard Volpe left in the following month. Hiraoka and Tyce took over Volpe’s responsibilities in April 2025. 

The company’s head of flow rates sales, Robbie Anderson, also left its London office in July after five years at the bank, Financial News reported. Gary Hyman, co-head of Group of 10 rates sales, took over the position.

Westhoff: rates role

Anderson’s exit follows the departure of Olek Gajowniczek, former deputy head of flow rates trading for Europe, the Middle East and Africa (Emea), in March last year for a portfolio manager role at hedge fund Balyasny. Ali Khan, who had been Nomura’s Emea head of rates options and exotics trading, also left the bank last December for Balyasny.

At the same time, Nomura added several new flow rates traders last year, including: Hemish Shah, who left Deutsche Bank to become Nomura’s head of Emea flow rates; and Stefan Auerweck, who departed BofA to become co-head of European government bond trading.

Other recent appointments in Nomura’s rates business include London-based Gokay Gecili, who joined in May as head of FX and rates trading for central and eastern Europe, Middle East and Africa. Gecili spent nine years at Barclays, and left as head of emerging markets rates for Europe, according to his LinkedIn profile.

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Citi has named JP Morgan’s Tom Prickett its new head of G10 rates for Emea and the UK, as Risk.net reported in August. He will report to Deirdre Dunn, the bank’s head of rates. Prickett spent 24 years at JP Morgan in a variety of roles, leaving the bank as head of Emea rates trading.

Citi also recently hired Paul Glezer, former JP Morgan global head of portfolio trading, for a newly created role, head of systematic trading. He will manage portfolio trading, fixed income exchange-traded funds, and algorithmic trading in the spread products division.

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Gary Saunders, head of Barclays’ prime derivatives services, is taking on a newly created role in London as the bank’s global head of platform services.

Saunders: Barclays veteran

He has spent 23 years at Barclays, in two spells. Saunders started at the bank in 1999 handling collateral management, repo and futures, and left in 2010 to serve as global head of listed derivatives risk at Deutsche Bank. He returned to Barclays two years later, becoming European head of clearing management, according to his LinkedIn profile.

Saunders also serves on the boards of clearing house LCH and derivatives trade body the FIA.

Geoff Allen, who is currently co-head of fixed income financing trading in New York, will take over Saunders’ former role as head of prime derivatives services.

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JP Morgan has revamped its global structuring team, creating new roles for several senior bankers, Risk.net reported in August.

The newly unified team, which will report to head of global structuring Rui Fernandes, combines staff who had been previously split across sales and trading divisions at the bank.

Arnaud Jobert, based in London, joins the team with a new role, head of global strategic indices structuring and solutions, which consolidates the bank’s quantitative investment strategy offerings. He will also report to Rachid Alaoui, co-head of the strategic index business. Jobert will remain head of global equity derivatives structuring.

Fernandes: structuring chief

Jacob Lindewald, the Paris-based head of sales for the Nordic countries and the Netherlands, will leave his current role to run JP Morgan’s new integrated rates and foreign exchange structuring team. Matthieu Wiltz, Emea deputy chief executive officer, will manage Nordics sales until the bank finds a replacement for the role.

Anthony Fraind will lead two teams specialising in globally consolidated credit and cross-asset global financing. Sankha Ghosh becomes Asia-Pacific co-head of structuring, and will oversee emerging and local markets globally with London-based Rahul Shah. Masi Yamada, based in the New York office, will run a dedicated global corporate structuring team, along with his other role as co-head of a strategic financial solutions group.

Rounding out the structuring management team are: Dominic Smallwood, head of financial institutions group solutions structuring; Erin Robert, who runs commodities structuring; and Shahzad Sadique, chief executive of Mansart Management, JP Morgan’s derivatives-focused asset management business.

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Bank of America has promoted Faiz Ahmad and Mike Joo to co-heads of investment banking. Ahmad was previously co-head of global capital markets, while Joo was head of North America global corporate and investment banking. The bank’s global group heads will report jointly to the pair.

Alex Bettamio and Thomas Sheehan, the former investment banking heads, have become chairs of BofA’s global corporate and investment banking division.

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Niddam: Apac post

Societe Generale has named Jerome Niddam as chief executive officer of its Asia-Pacific division. He reports to Anne-Christine Champion and Alexandre Fleury, co-heads of global banking and investor solutions, and will become a member of the group’s management committee. He replaces Cecile Bartenieff, who has been appointed head of mobility and international retail banking and financial services.

Niddam has spent more than 20 years with the French bank, including seven years in his most recent role, head of global markets for Asia-Pacific. He joined Societe Generale as a financial engineer in the equity derivatives department, and subsequently held roles including head of Asia-Pacific financial engineering.

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Douglas Cifu will retire from his role as CEO of Virtu Financial, the high-frequency trading firm that he co-founded. Replacing him is Aaron Simons, previously chief technology officer.

Cifu co-founded Virtu in 2008 with Vincent Viola, and took it public in 2015. He oversaw two notable acquisitions – of market-maker KCG Holdings in 2017 and then of fintech firm Investment Technology Group in 2018. He will remain an adviser to the firm. Simons joined Virtu in 2008, and has worked in trading and technology across the firm.

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The International Swaps and Derivatives Association has named Amy Hong as the industry body’s new chair, as Risk.net reported. She replaces Jeroen Krens, who stepped down from the role after just seven months, following his departure from HSBC.

Hong is head of strategy, investments and partnerships in the global banking and markets division at Goldman Sachs. She joined the bank in 2006, starting her stint as an Isda board member in June 2020.

Krens stepped down in accordance with Isda’s bylaws following his exit from HSBC. He spent 11 years at the UK bank, most recently as chief operating officer for the markets and securities services division.

Krens replaced Eric Litvack, group director for public affairs at Societe Generale, who spent 10 years chairing Isda’s board, making him the longest-serving chair in the association’s 40-year history.

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Adriana Kugler has resigned as US Federal Reserve Board governor. She left her post on August 8, two years after taking office, and six months before her term was originally due to expire. Kugler provided no reason for her departure.

She was previously a director at the World Bank, and also served as a professor at Georgetown University, where she will return later this year.

Fellow Fed board governor Lisa Cook’s position is also under threat after president Donald Trump said he intended to fire her following allegations of mortgage irregularities. Cook has stated that she intends to continue in the role.

On August 1, Trump removed Erika McEntarfer as commissioner of the US Bureau of Labor Statistics, nominating EJ Antoni, an economist at conservative think-tank The Heritage Foundation, to replace her. McEntarfer’s departure followed the release of a jobs report that revised downwards by 258,000 the number of jobs added to the US economy in May and June.

Antoni joined Heritage as an economist three-and-a-half years ago, following a year-long stint as an economist at the Texas Public Policy Foundation, according to his LinkedIn profile.

The US Senate would need to approve any new appointments to the Federal Reserve Board, as well as Antoni’s appointment as Bureau of Labor Statistics commissioner.

Correction, August 30, 2025: An earlier version of this article gave an incorrect job title for Faiz Ahmad. 

Editing by Alex Krohn