Profit & Loss has learnt the names of four other senior FX
staff due to be leaving Standard Chartered as part of broader cuts announced
within the bank, including global head of FX Nitin Gulabani.
Singapore-based Gulabani is said by sources to be stepping down at the end of the year, with his role taken on by Neh Thaker, global head of options trading.
Last week Profit & Loss reported that Standard
Chartered was making cuts to its FX staff in New York, London and Asia in
response to a company-wide restructuring announced in July.
Sources now indicate
that London-based Ken Reich, European head of FX sales and regional head of
financial markets Europe, has left the firm as part of the cuts.
The sources say that
Chris Allington will take on Reich’s roles in addition to his position as head
of FX as Standard Chartered, also based in London. Allington is also expected to assume some tasks from Gulabani.
In Singapore sources
say that Behnouche Mostachfi, global head of FX options and Will Vogel, a
senior trader G10 FX options, are among those leaving the bank.
Behnouche had been
with Standard Chartered since 2009, prior to which he was a managing director
and head of FX options a Bank of America Merrill Lynch. He has also had FX
options trading roles at Banque AIG, Commerzbank, Deutsche Bank, Paribas and
Standarded Chartered in 2010, having previously worked as a director at
UniCredit Bank. Before that he was a senior vice president at Lehman Brothers
and a vice president at Deutsche Bank, the latter of which he spent over eight
Standard Chartered declined to comment on the cuts.