Deutsche, Saxo, Sillitoe

Jeffrey Chung was appointed as Deutsche Bank's head of global markets for Korea in Seoul on May 6.

Chung was previously co-head of equity sales for Asia in Hong Kong, and has been at Deutsche Bank since 2001. In his new role, he is responsible for managing a sales and trading business, including foreign exchange and interest rate trading.

He also oversees the provision of structured products to Korean clients and international investors accessing the Korean market. Capital raising and risk management solutions for Korean government entities, quasi-government institutions and leading local corporates also fall under his remit.

Chung reports locally to Soo-Ryong Kim, chairman and chief country officer of Deutsche Bank in Korea, and regionally to Loh Boon Chye, head of global markets, Asia, at the bank in Singapore.

Before joining the German dealer in 2001, Chung was a director of Asian equity sales at Merrill Lynch in Hong Kong.

Robert Spliid has been appointed Saxo Bank's new head of the German region, based in Copenhagen.

He joined the Danish bank on May 5 from IKB Deutsche Industriebank in Luxembourg, where he was a managing director. In that role he built a derivates team and developed risk management models, and established a quantitative analysis department.

Before IKB Deutsche Industriebank, Spliid was treasurer for Bayerische Landebank in Luxembourg and treasurer with ABN Amro Deutschland in Frankfurt. He has also worked as chief executive of Jyske Bank in Switzerland.

Spliid reports locally to Torben Kaaber, executive director at Saxo Bank.

Tim Sillitoe is joining the Royal Bank of Scotland in London in June as the new global head of hybrid trading, the bank confirmed. Sillitoe will report to Peter Rading, global head of interest rate and currency options in London. He joins from Barclays Capital in London, where he was head of long-dated foreign exchange options and emerging markets FX. BarCap declined to comment.

Robert Rees and Steven Bingley, who ran Bear Stearns' industrial commodities trading business in the City on the London Metal Exchange, are on gardening leave. Their future plans are as yet unknown. It is understood they were not offered positions as the commodities trading operation merged with that of JP Morgan. Bear Stearns and JP Morgan declined to comment.

Olivia Lette, a London-based Dutch corporate FX salesperson, is understood to have departed UBS, along with Vinay Chauhan, a junior level hedge fund salesperson in the same city. Lette joined the firm in 2005 from JP Morgan (FX Week, July 4, 2005). The bank declined to comment.

UBS has hired Paul Wilkes in London as head of base metals trading, the bank confirmed. Wilkes is understood to have resigned from BNP Paribas on May 2. He will report to Todd Morakis, London-based co-head of the bank's commodities business.

Clive Stocker joins the bank as an executive director in metals sales. Stocker will report to Andrew Baldock and Alex von Moll, London-based co-heads of metals sales for EMEA.

BNP did not respond to queries by press time.

Mel Hussain, a hedge fund salesperson at Royal Bank of Scotland in London, is understood to have left the bank for personal reasons. It is not clear whether he will stay in the industry. Hussain joined the bank in July 2006 from JP Morgan in the same city (FX Week, July 26, 2006).

He had been with JP Morgan since October 2001. He was initially an FX sales dealer for US funds reporting to the then London-based head of FX fund sales, Jamie Bonic (FX Week, October 8, 2001). He was previously at Bank of America in London, on the UK funds FX sales desk. The bank declined to comment.

The Royal Bank of Canada is rumoured to be relocating Mark Gibson from Sydney to London in a senior FX role. He is understood to be the head of non-Canada spot FX in the Asia-Pacific. The bank did not respond by press time.