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Change at BBVA as FX Management Duo to Leave

Profit & Loss
understands that Andrew Brown, global head of foreign exchange, and Alan
“Shoulders” Clarke, global FX product manager, are to leave Spanish bank BBVA
at the end of the year.

The departures are part of a plan recommended by the two men
to move the global FX roles back to the Madrid head office, according to
sources familiar with the matter. As part of this change, both will leave.

BBVA did not respond to enquiries by press time but is
believed to have agreed to the departure of two men who have overseen solid
growth in its foreign exchange business. The sources familiar with the matter
say that in the six years since Brown
took over foreign exchange in January 2011
, BBVA will have seen the FX
business generate more than EUR 1 billion in incremental income – an impressive
feat given the struggles to build revenues across the wider industry.

joined BBVA from a nine-year spell at HSBC in London and Hong Kong, most
latterly as global head of foreign exchange. He also left HSBC on a high note
after the bank reported a 78% increase in foreign exchange revenues. Prior to HSBC
he worked at Goldman Sachs and Citibank.

joined BBVA in March 2011
having worked with Brown at HSBC. A 27-year
veteran of HSBC, Clarke left the bank from the role of global head of

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Colin Lambert

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