People moves: New treacle for Sweeting

Mark Sweeting is believed to have signed on the dotted line for CIBC World Markets as its new European head of FICC sales. He was previously at UniCredit, which he joined from ABN Amro in June 2007 to focus reportedly on US and UK real money sales. He is likely to find the grass considerably greener at CIBC, which has emerged from the ongoing credit crunch in far better shape than many of its peers. The bank is potentially in a very strong position and it has been in the process of building up its capabilities, most notably with the hire last year of Harry Culham, Christian Exshaw and Tim Carrington. The trio did a good job at building up Dresdner as a player in FX before signing what looks like a misplaced deal with Merrill Lynch. Sweeting is said to be starting at CIBC, where he will report to Exshaw, in April.