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CBA Restructures Forex Unit To Support New Client Structure

In a move that supports its new client service model, Commonwealth Bank Financial Markets in Sydney has recently altered its structure and made some significant forex staff changes, says Paul Riordan, global manager. The new model comprises corporates, investors and financial institutions.

John Noonan joined the bank as head of financial institution sales, FX, and is responsible for distribution of foreign exchange to international banks, proprietary traders, CTA’s and other professional market users. The position is a new one at the bank, combining international and financial institution sales. Noonan was most recently head of institutional sales for the National Australia Bank in Sydney.

Michael Sarpi joined the bank as head of corporate risk management within the FX division. Sarpi has provided structured currency risk management solutions to clients for 15 years, and was most recently with Deutsche Bank in a similar position.

Meanwhile, Kurt Magnus is relocating to New York to take up a newly created post as head of global investor sales, FX. Magnus will also be responsible for coordinating all Financial Markets sales initiatives in New York.

Succeeding Magnus as head of FX investor sales in Sydney is Jamie Spence, who previously worked in futures broking for the bank.

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