Hambros Loses Eight Staff Ahead Of SocGen Merger

LONDON--Hambros Bank in London last week let eight treasury staff go as a result of the merger with Societe Generale, say industry sources. The French bank bought Hambros in December and is in the process of integrating the two treasury outfits.

Officials at the London merchant bank decline to comment on the redundancies. However, sources say Keith Nichol, who joined the bank last year as chief dealer, senior spot trader Peter Murphy, and spot traders Lee Osborn and Christine Grassie, have all left the bank.

Furthermore, sources say director Tim Humphries, assistant director Dave Axton and senior trader Andrew Pettet, are leaving the bank's money markets operation, while trader Mark Gemmill is departing from the bank's off-balance sheet team.

Paul Stewart, assistant director and a veteran of Hambros' FX spot trading outfit, will remain with the bank until June to oversee the integration of the Hambros treasury department into that of SocGen's, say sources.

Andrew Haddleton, deputy treasurer at Hambros, says that the bank will continue to trade swaps, FRAs and off-balance sheet instruments. These functions will later be integrated into SocGen's treasury operation. Haddleton expects the merger of the two treasury departments to be completed within three months.

"We are not closing down, but a certain amount of duplication has been identified and we are removing that duplication [ahead of] the merger," Haddleton says.