James Pearson, the Royal Bank of Scotland’s head of trading for currencies, Europe, the Middle East and Africa, is taking a five-month sabbatical, leading to a temporary reorganisation of the bank’s FX desks in London.
“James is taking a sabbatical for entirely personal reasons,” a spokesperson for the bank says, adding that Pearson’s decision to take time out is in no way connected to the global investigation into the foreign exchange markets.
RBS is among several major banks assisting regulators investigating allegations that some senior traders shared client order information via electronic chat rooms and colluded to move markets away from client orders ahead of the popular 4pm WM/Reuters Fix.
“This is in no way linked to any investigation. James is due back in September when he will resume his current role,” the spokesperson says.
In the interim, Pearson’s responsibilities will be shared among three employees. Damon Reynolds will run the voice cash and non-deliverable forwards business for EMEA, in addition to his role running CEEMEA local markets and emerging markets short-term interest rate trading for EMEA. Simon Manwaring will take responsibility for technology-based trading, as well as running the FX options business globally, and Scott McMunn, global head of short-term markets, will assume the role of head of EMEA currency trading.
Reynolds and Manwaring will report to McMunn in this capacity, and McMunn will continue to report to Tim Carrington, global co-head of currencies, local markets and short-term markets.