CIBC has hired three veterans for its capital markets trading group in Toronto and Hong Kong to focus on foreign exchange and interest rates trading.
Mark Downing has joined the bank as managing director in the interest rate derivatives trading team in Toronto, reporting to Brian D’Costa, managing director of global rates, co-head of fixed income and currencies. Downing has 25 years of trading experience in fixed income, foreign exchange, swaps and interest rate options spanning the G7 and other markets. He joins from Citi where he was managing large trading desks in Toronto, New York and London. At CIBC, Downing will be responsible for the CAD and USD swap and option books.
In the Hong Kong office, the bank has hired Andy Yeoh and Woo Sok Lee as executive directors. Yeoh will focus on interest rates swaps and FX forwards. He will report locally to Andre LaJeunesse, managing director and head of capital markets trading – Asia, Alan Speight for interest rate trading, and Duncan Rule for FX forwards. Yeoh joins from VTB Bank in Singapore, where he was responsible for Treasury and trading operations. He has also held roles at Deutsche Bank in Singapore and Kuala Lumpur and has 17 years of trading experience.
Woo Sok Lee is set to join CIBC today (14 March) and will focus on strengthening relationships with Korean banks and growing the Financial Solutions Group (FSG) business globally. He joins from Merrill Lynch in Seoul, where he was responsible for domestic and cross-border coverage of Korean financial institutions. Prior to this he was with the Royal Bank of Scotland in Hong Kong. He will also report to LaJeunesse locally and to Eric Belanger for FSG activities.