Cost cutting prompts departures at West LB

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

Attwood, who will remain president of industry body ACI UK until the end of October, said the bank wants to migrate as much of its trading business as possible over to Düsseldorf in a bid to keep spending down.

The decision to cut back on costs follows the lowering of West LB's credit rating after an EU ruling that stated landesbanks could no longer be backed by local governments. This made it more expensive for the bank to borrow money, according to Attwood.

The latest changes at West LB follow the departure of the bank's forex head, Trevor Cowan, at the end of last year. His departure followed a series of restructurings at WestLB's currency business last year that saw it close its forex trading desk in New York.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Next-generation technologies and the future of trading

At a webinar in association with capital markets technology provider Numerix, panellists discuss the potential for increased adoption of the public cloud to boost investment performance, its impact on risk management and overcoming barriers to…

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here