Investec closes London corp desk

Although the firm declined to comment on the closure, it did send out a holding statement on June 22 saying the decision "follows a thorough review of the strategy of the UK FX operation against the business's broader strategy of being distinctive in niche areas". The statement continued: "The business was not significant to Investec Treasury and Specialised Finance in terms of contribution or size."

Those who lost positions on the desk are Carol Grainger, head of corporate treasury, and sales staff David Faran, Malachi Cullen, Ross Burland and Natasha Molle. The latter four all reported to Grainger.

A source at the firm said Investec is looking to find new roles for each of the team within the organisation, with no expected redundancies.

The statement concluded that Investec will continue to operate and remains committed to its corporate FX desk in Ireland.

Investec was established in South Africa in 1974 and has over 4,000 employees globally.