PEOPLE

James Kemp is Citibank New York's new head of spot foreign exchange. Kemp was transferred from London to run spot business in the U.S., Citi officials confirm. "This is a further sign of our integration with the global network," the official says. "Foreign exchange at Citibank is probably a happier, more cohesive world than it has been in years." In a separate development Citi has brought on ten "management associates" - college graduates who go through a Citi training course every year. They have apparently been "sprinkled" throughout the room, according to a Citi official who wishes to be unnamed.

Bank of Montreal (BMo) in New York hired Deborah Pastor as director in foreign exchange sales about a month ago, sources say. Pastor was most recently in back-office support for foreign exchange sales at JP Morgan in New York, sources add. Separately, Richard Vullo, BMo's former manager in charge of FX sales, joined Bayerische Hypotheken-und Wechsel-Bank in New York last week as head of its corporate desk, officials confirm. Pastor was hired prior to Vullo's departure and is not replacing him in his position.

Carlo Ceresa has joined Emcor Eurocurrency Management in Irvington, New York, as a managing director. He will be implementing currency and U.S. fixed income programmes in Emcor's fund management unit. Emcor was founded in 1979 and has concentrated on risk management of foreign currencies, hedging and derivative products, but in 1993, expanded into fund management, where Ceresa will be concentrating his efforts. Ceresa was most recently deputy treasurer and senior vice president, as well as the trading room manager, at Crédit Commercial de France in New York.

Barclays de Zoete Wedd (BZW) has appointed Donald Brydon, aged 48, as deputy chief executive in succession to John Spencer who is leaving of his own accord, officials say. Brydon was previously chairman and chief executive of BZW Asset Management.

Currency brokerage Harlow, Meyer Savage in New York has lost three brokers from its forwards desk, officials confirm. John Stickler and Anthony Wright have reportedly joined Eurobrokers to do forward yen. An official at Eurobrokers confirms Stickler's hire, but couldn't say whether Wright had also joined. Charlie Saez is believed to have joined Cantor Fitzgerald, although the two FX directors there were out of town when called last week.

Bill Marr, formerly head of Union Bank of Switzerland's EMS desk in New York, has joined Crédit Commercial de France (CCF) as its new foreign exchange manager in New York. Marr says his position is a new one for the French bank. UBS officials say they have no current plans to replace him before the end of the year. CCF has also found a replacement for treasurer Andrew Popper, who joined Mint Investment Management (FX Week, August 29). Stefan Tunguz, formerly of Svenska Handelsbanken in New York, is the new treasurer (FX Week, September 5).

Peter Almstrom from Svenska Handelsbanken's head office in Sweden has replaced Stefan Tunguz (see related article, this issue) as treasurer in New York. In fact, several transfers have been made to the New York office, including Thomas Arnell, the new customer sales chief, Michael Johansson, the new chief dealer and trader Neklas Karlsson.

Paul Wong, former managing director of FX at Bank of Boston, is no longer with the New England bank. Officials decline to explain why he has left.

Rob Jakes is joining Bank of New York in London as a manager in its foreign exchange group, sources say. Jakes is on holiday and will start work next month. His new role apparently includes a mandate to examine expansion of the bank's foreign exchange business in London but officials decline to give details.