Foreign exchange restructuring at Merrill Lynch
A major restructuring of Merrill Lynch’s foreign exchange management is under way, according to sources close to the bank in New York, reports Risk’s sister publication, FX Week .
New York-based Michael DeSa, currently co-head of foreign exchange and rates, alongside Barry Wittlin, is likely to give up some of his day-to-day involvement with the forex business, with fewer people reporting into him. "The business is more mature than when DeSa took over, so he can put it in the hands of his deputies more," said one source close to the bank in New York.
Marcus Browning, currently co-head of global forex trading, is one of those deputies likely to take on more responsibilities as a result. Sources suggest he will take on sole responsibility for that group, while the role of Adam Kreysar - the other co-head - may change.
Rob Catalanello, co-head of the global foreign exchange issuer client group, is thought to have lost global management responsibility for his area, but taken on the management of corporate foreign exchange sales and hedge fund sales in New York.
Meanwhile, global head of investor sales Gregg Chow is thought to have relinquished responsibility for global investors to manage sales to pension funds, mutual funds and commodity trading advisers (CTAs) in New York. Sue Evans, who runs the bank’s CTA desk in New York, reports to him. It is unclear what the current reporting line for global investors is since Chow formerly managed hedge funds and real-money clients globally.
London-based senior foreign exchange managers are thought to be unaffected by the moves, including Patrick Baune, who reportedly retains management for foreign exchange sales for Europe, the Middle East and Africa.
The forex restructuring appears to be linked to a wider reorganisation of the bank’s global markets and investment banking division, forged by Merrill’s presidents of global markets and investment banking, Greg Fleming and Dow Kim.
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 info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Swiss report fingers Finma on Credit Suisse capital ratio
Parliament says bank would have breached minimum requirements in 2022 without regulatory filter
‘It’s not EU’: Do government bond spreads spell eurozone break-up?
Divergence between EGB yields is in the EU’s make-up; only a shared risk architecture can reunite them
CFTC weighs third-party risk rules for CCPs
Clearing houses could be required to formally identify and monitor critical vendors
Why there is no fence in effective regulatory relationships
A chief risk officer and former bank supervisor says regulators and regulated are on the same side
Snap! Derivatives reports decouple after Emir Refit shake-up
Counterparties find new rules have led to worse data quality, threatening regulators’ oversight of systemic risk
Critics warn against softening risk transfer rules for insurers
Proposal to cut capital for unfunded protection of loan books would create systemic risk, investors say
Barr defends easing of Basel III endgame proposal
Fed’s top regulator says he will stay and finish the package, is comfortable with capital impact
Bank of England to review UK clearing rules
Broader collateral set and greater margin transparency could be adopted from Emir 3.0, but not active accounts requirement