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Credit Agricole Continues Expansion

Credit Agricole Indosuez (CAI) has continued to expand its trading activities with the hire of four new staff to its London office. The moves continue the process reported in Profit & Loss, April 2002, as the bank aims to provide extra impetus towards its target of establishing itself in the top 10 banks in foreign exchange.

Chief amongst the latest series of hires is Jon Simmonds from Dresdner Kleinwort Wasserstein (DKW), who takes on the role of head of FX in London. Reporting to Simon Eedle, global head of foreign exchange at CAI, Simmonds will be responsible for all FX activities in London, including trading, proprietary business and the bank’s e-businesses. At DKW Simmonds was head of FX e-commerce, prior to DKW he held various roles at Paribas (finishing as head of FX in London) and Deutsche Bank (as an ECU trader).

Spencer King, who was recently made head of spot trading in CAI London following the move of Darren Agombar to CAI Tokyo, retains that role and will also report to Simmonds.

Also joining the FX desk at CAI is Garrett Hickey, who joins from Allied Irish Banks in London to run the euro/yen arbitrage operation. Hickey will report to King.

CAI has also made additions to its currency options team. Andy Meyer joins from the Royal Bank of Scotland Financial Markets. On CAI’s currency options desk, he will be responsible for emerging market currencies and will report to Derek Sammann, head of FX option trading and risk.

Dominic Yip has also joined the bank’s currency options team to run the yen book in London. He will also report to Sammann. These moves reinforce earlier hires, specifically Connor Kelly, who joined CAI from Westpac earlier this year to run the euro options book.

Recent FX desk additions by CAI include John Munley and John Callaghan who joined the bank’s New York desk from WestLB and Peter Steed, who left the Royal Bank of Scotland in London to trade the euro/dollar book at CAI London.

Profit & Loss

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