FX news: RBS goes for quick FICCs
RBS has consolidated its sales and trading into a FICC (fixed interests, currencies and commodities) division with immediate effect, apparently after two senior sales people recently jumped ship. The new integrated business will be run globally by co-heads Michael Lyublinsky and Peter Rading.
Peter Nielsen, global head of markets, was pleased to announce the change and believed it would allow RBS to effectively face off their competitors, service their clients and to develop products and their people.
The new merged entity does not change reporting lines in the FX, or currencies, division of the bank.
The re-org was apparently prompted by the departure of Steve Ashley, former head of rates trading, and Chris Fleming, former head of EMEA flow sales. Both are believed to be joining Nomura.
RBS, which has been a regular top-five player in FX for the past few years, has already suffered a number of high-profile departures.