CSFB Continues FX Staff Build Up With Another JP Morgan Chase FX Sales Dealer

LONDON -- Tom Kearney will join CSFB in London as the latest in a series of FX sales defections from merged bank JP Morgan Chase.

Kearney, who will join the bank in April as a director in FX sales, was previously co-head of European FX sales at JP Morgan Chase. Kearney will report to Rusty Elvidge, CSFB's other co-head of global FX sales, who is based in London.

At CSFB he will join other ex-members of the former JP Morgan FX sales team who left after the bank completed its merger with Chase Manhattan Bank on December 31, 2000 (see FX Week, February 12). Sources close to the bank told FX Week that JP Morgan's FX sales team was unhappy with Chase's regional style of management in FX. JP Morgan's well-respected FX sales team had been managed globally.

CSFB has already hired several ex-JP Morgan staff -- in New York, global FX head Klaus Said, co-head of global treasury sales David Newman and institutional FX sales dealer Kimberley Euston have all accepted positions. In London, where CSFB has hired at least four FX sales dealers from JP Morgan Chase, staff are subject to the UK's more stringent gardening leave regulations, and will join CSFB shortly.

Newman, who was previously based in London, will start in CSFB's New York office on April 1.

Klaus Said, formerly global head of FX at JP Morgan, told FX Week that the integration of the team is in the early stages. As the bulk of the hires were in the London office, he added, many of the new team have not yet started.

CSFB's move to pick up disgruntled merger staff follows the loss of some of its own employees after it integrated investment bank Donaldson, Lufkin & Jenrette in 2000.

Kearney's departure from JP Morgan Chase leaves Dave White as head of European FX sales. White reports to Rob Standing, head of sales, trading and research in the Rates Division.