Merrill Lynch is believed poised to unveil Harry Culham as its latest global head of foreign exchange. Culham is joining the bank from Dresdner Kleinwort, which he joined in early 2005, where he was global head of fixed income, currencies and commodities. Merrill has declined to comment, but Dresdner has confirmed the departure of Culham, plus two of his colleagues.
Merrill has an almost unbelievable record in the number of global heads it has hired and fired over the last decade. However, the fact that Culham is rejoining Merrill, where until early 2002 he was head of FX trading EMEA before leaving for AIG, should ensure he is under no illusions about the risks his new job entails.
It is believed that Culham will be joined by Tim Carrington, Dresdner’s head of FX options, and Christian Exshaw, its head of FX sales. Dresdner has confirmed the two have resigned. Carrington is said to be taking up a role as global head of FX trading, and Christian Exshaw will be global head of FX sales and e-commerce. All three will be based in London. Culham will report to David Gu, global head of rates and FX.
Merrill has reorganised virtually its entire senior FX management team in little less than a year. In October, the area came under the remit of Harry Lengsfeld when Merrill merged its global rates and FX business.
Then in February, Marcus Browning global co-head of FX trading decamped to Citigroup with a 4-strong team. Shortly after, Steve Kemp, the bank’s then global head, switched roles to become vice chairman of FX, local currency trading before leaving the bank at the start of the summer.
Lengsfeld himself also left the bank around the same time for what sources say could be an extraordinarily long gardening leave. He was more recently followed through the revolving doors by Nick Crawford, global co-head of trading, and Rob Catalanello, global head of FX sales.
Meanwhile, the FX business at Dresdner will be led on an interim basis by Mike Adams, its head of emerging markets.
