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UBS Bleeds Spot Traders But Hires Senior Economist

UBS has lost about a half-dozen traders from its London spot desk in recent months. Among those that have left the bank are: Steven Walker, Stuart McPhee, Paul Carlier, Giovanni Pozzi and Bjarne Olesen, a spokesperson confirms.

Walker has joined Credit Agricole Indosuez as a euro/dollar trader in London; McPhee has joined Merrill Lynch in Singapore; and Carlier went to Chase to trade dollar/Swiss.

According to one UBS official, the moves were “just coincidental that a reasonable number have left the bank since late last year up to now”. This official cites a range of reasons for the departures, including good offers from other institutions.

Meanwhile, in late April, the bank hired Pippa Malmgren as a managing director in the Warburg Dillon Read Macroeconomics Research Group as deputy head of global strategy and head of political analysis, reporting to Larry Hatheway.

Malmgren spent the past six years with Bankers Trust, most recently as managing director and chief markets strategist.

Another hire includes that of Vince Faust for the sales desk in Singapore. Faust was most recently at Chase Manhattan in the city-state.

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