Market rumours are rife that WestLB, London, may be in the process of winding down the recently created prop trading desk, within the fixed income division. Mike East and Chris Kuan set up the desk in mid-April.
East joined WestLB in 1975. In September 2004 he took a career break and left the bank. His position was global head of rates and emerging markets at the time of his departure. After that, DNLGÂ¼sseldorf-based Trevor Cowan, global head of spot FX, took over his responsibilities. East rejoined the bank in April 2005 (see Squawkbox, April 25).
Sources say East is likely going into retirement and will not continue with WestLB, while Kuan may be redeployed by the bank.
WestLB was unable to comment by press time.