The Royal Bank of Scotland has appointed Tim Carrington as global head of foreign exchange following the departure of Mark Barnes who stepped down from the role on Friday 27 August to take a 12 month sabbatical.
An RBS spokesperson says Barnes will be returning to the bank in a new role next year.
London-based Barnes was appointed global head of FX in 2009 after being promoted to global head of FX options and hybrids the year before. He joined the bank in 2002 as a senior FX options trader.
Carrington is based in London and reports to Peter Rading and Michael Lyublinsky, co-heads of fixed income, currencies and commodities.
Previously Carrington was managing director and head of global derivatives and strategic risk at CIBC in Toronto, a position he left in May this year. He was also a member of CIBC’s World Markets management committee.
Prior to CIBC, he worked at Merrill Lynch for a year as global head of FX trading before leaving the firm at the end of 2007. Prior to Merrill, he was head of Dresdner Kleinwort’s FX derivatives business and held senior trading positions at Natwest Global Financial Markets in Tokyo and New York and Standard Chartered in Singapore and London.
The change comes as the bank sees the departure of Christiane Mandell, head of Latin America, who is leaving to pursue a new opportunity, a bank spokesperson tells Squawkbox.
Mandell joined RBS in Greenwich, CT in 2008 as head of FX and local markets trading, Americas before assuming the role of head of Latin America. Prior to RBS she had an 18-year career at Bank of America and held a variety of senior roles including head of the global FX business.
In an emailed statement, the spokesperson says, “We appreciate the contributions that [Ms Mandell] has made to the firm and wish her all the best in her future endeavours. Following the bank’s strategic review in February 2009, RBS’ presence in both Mexico and Brazil are core components of our global banking and markets franchise in the Americas and we remain committed to working closely with our clients in these important countries.”