Citi Boosts London FX With New Hires As Jaques Joins Bank Of New York

BANKS

Citibank has strengthened its foreign exchange team in London with three new senior hires but has also lost head of proprietary trading Rob Jaques. He is taking up a new job shortly as treasurer of Bank of New York's London branch, according to Guy Whittaker, Citibank's head of U.K. forex and money markets in London.

"Basically, there is no theme to these appointments, we are simply building our team and we have a couple more new hires in the pipeline," says Whittaker. In options, Citi in London has recruited, from Skandinaviska Enskilda Banken in Stockholm, Anders Henrikson as senior foreign exchange options trader. He will add to existing expertise in Scandis and reports to Jack Jeffrey, chief dealer FX options, Europe, Whittaker says.

To trade mark/Swiss, Citi has hired Marcus Menzl from Crédit Suisse in Zurich. As senior dealer in foreign exchange, he reports to Richard Moore, chief dealer FX trading, U.K. Whittaker adds that Mark Armitage-Smith has been recruited from Citi associate Saudi American Bank's London branch to work on the investor sales desk. He reports to Mike Green, chief dealer, FX sales, U.K.

Citi in London is planning to expand some areas of its business with a push in Aussie dollar trading. Here Citi London will co-operate closely with its Sydney and New York operations. Whittaker says he will be in a position to disclose the new hires in two to three weeks - one appointment is awaiting work permit clearance from the U.K. authorities.

The vacuum left by Jaques' departure to Bank of New York is being resolved by an internal appointment with Nigel Babbage taking over Jaques' former role. "We would normally fill such a position from within and that is what has happened," says Whittaker. Bank of New York officials could not be contacted before press time about Jaques' new role.

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