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Foreign Exchange

FX people moves: Barclays re-strengthens US FX sales

A month ago theweeklyFiX wrote about defections from Barclays Capital’s US sales team in New York. (FX people moves: Exodus from Barclays) On Tuesday the bank announced several new hires, although not all to the seats vacated.

Mike Testa joins BarCap New York as head of real money FX sales, Americas; he will report to Gregg Chow, head of north American FX sales. Testa has spent the past 15 years at Citi New York, most recently in a similar role to his new one.

Marlena Demenus joins BarCap New York to cover FX sales to banks and commodity trading advisers; she will report to Jeffrey Pio, head of the FX sales access desk. Demenus has been at Morgan Stanley for the past 10 years, most recently as global head of CTA sales.

BarCap has also hired James White from UBS to cover hedge fund FX sales in New York, as well as David Weiss from Deutsche to cover corporate FX sales in San Francisco.

We caught up with Gregg Chow, head of FX sales in north America, who told us: “The new hires are directed towards those areas where we think we have a competitive advantage as a firm.

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