On the surface, little seems changed, but the view expressed by one insider that the creation of a FICC unit effectively marked the reverse takeover of the FX business by the emerging market area looks accurate. The bank now has five product silos: commodities, G10 rates, FX and local market sales and trading, credit and securitization. The bosses of these units report into the three FICC heads, as do three regional managers covering Latin America and Mexico, Asia and EMEA.
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