Shinhan Bank to Join CLS

Korea's Shinhan Bank has become a shareholder of CLS Group, bringing the total number of banking and financial institutions as shareholders to 70. Shinhan says in due course it will apply to become a settlement member of CLS Bank International, provider of the foreign exchange settlement mechanism. Rob Close, CEO of CLS Group and president and CEO of […]
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Citi Combines FICC and Equities Sales

Citi is reorganising its Capital Markets operation, by combining its fixed income and equity sales divisions and merging its debt and equity underwriting businesses. The move follows a management shakeup last month.  Under the restructure, the sales functions of the equities and fixed income, currencies and commodities (FICC) divisions will be combined to form the […]
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Standard Chartered Ramps Up Taiwan FX

Standard Chartered Bank has launched its upgraded foreign exchange dealing room in Taiwan. The business unit has a headcount of 70. At the opening ceremony, Mike Bass, Singapore based head of rates and FX told the Taipei Times, “Despite (the fact) that the local foreign exchange market is regulated, we expect growth from Taiwan.” Last week’s […]
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HSBC Hires Seven to Global Cash Management Team in Japan

HSBC has added seven executives to its global payments and cash management business in Japan. The hires include Eiji Oyama, senior vice president, head of product management, three vice presidents, Masako Konno, Mariko Kusano and Kiyono Hasaka in client integration and sales, and three product managers. Navin Gupta, head of the business unit in Japan, says […]
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Credit Suisse to Expand FX Business in Japan

Credit Suisse is expanding its foreign exchange business in Japan with its headcount to grow from five to 20 by 2009. A spokesperson tells Squawkbox, “Our clients are increasingly diversifying their risk-hedging needs and we intend to meet their needs by offering them a wider choice of currency-related investment products. We see the potential for […]
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BofA Changes GCIB Management: Announces Job Cuts

After revealing lower third quarter profits related to the US sub-prime crisis, Bank of America has revealed a new management structure for its Global Corporate and Investment Banking (GCIB) unit. The bank has appointed Brian Moynihan as president of GCIB in the wake of disappointing third quarter results in its capital markets businesses, and says […]
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ANZ Reorganises AP

ANZ Bank has unveiled a new structure for its Asia Pacific institutional business. Mark Whelan has been appointed managing director, institutional – Asia and reports jointly to Alex Thursby, group managing director, Asia Pacific, and ANZ group managing director, institutional, Peter Hodgson.   The bank says the role has a clear brief to exploit opportunities […]
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Citi Creates Institutional Client Group

Citi has appointed Vikram Pandit as chairman and CEO of its newly-formed Institutional Clients Group comprising Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). He will continue to report to the Office of the Chairman.   Pandit, who retains his title as chairman of CAI, remains a member of Citi’s Business Heads, Operating […]
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Deutsche Claims Islamic First

Deutsche Bank says it has closed an Islamic Profit Rate Collar structure with Dubai Islamic Bank (DIB). The transaction was over $500 million in notional value, and is the largest such structure done in the Islamic Markets. The hedging structure required more flexibility than a vanilla Islamic Profit Rate Swap, the bank adds. Deutsche Bank […]
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Managerial Responsibility Makes a Comeback

The concept of managerial responsibility led to the departure of two senior bankers last week as Merrill Lynch and UBS conducted managerial shifts at the top of their global markets businesses.   Merrill saw the departure of Osman Semerci, global head of fixed income, currencies and commodities (FICC) at the bank, after revealing it expects […]
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