UBS loses three in sales

In London, UBS was dealt a double blow, with the resignations of Jacqueline Steel, a hedge fund salesperson, and Johan Holmstrom, also in hedge fund sales. Both reported locally to Sally Francis, head of institutional FX sales, and Mike Bichan, head of FX sales.

Steel is rumoured to be joining Bank of America Merrill Lynch (BAML) in London, an unsurprising move considering BAML's current positive hiring trend. She has previously worked at Calyon in New York, where she was head of FX hedge fund sales for North America (FX Week, September 27, 2004). Calyon gained Steel from National Australia Bank, where she was head of FX sales in New York (FX Week, July 19, 2004).

Meanwhile, Holmstrom is set to join Barclays Capital in Scandinavian sales, according to market sources. His reporting line and start date are not confirmed. He has previously worked at Royal Bank of Scotland in London in FX sales.

In Stamford, Connecticut, Tom Doyle left his role as an institutional FX salesperson at UBS. Doyle's departure closely follows that of Phil Sobey from UBS's FX distribution business in Stamford, CT (FX Week, March 22). Doyle is set to join Sobey at Morgan Stanley, working in FX sales. His start date and new reporting line are not clear.

UBS confirmed the departures; BAML, Barclays Capital and Morgan Stanley declined to comment. Steel, Holmstrom and Doyle could not be reached.