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Foreign Exchange

RBS loses UK institutional sales head, Walsh; hired by Lloyds Bank.

Michael Walsh, head of institutional FX sales for the UK and Ireland, has left the firm, according to sources who have spoken to EuromoneyFXNews.

Sources said Walsh will be joining Lloyds Banking Group in November to set up a macro advisory group that will service alpha-seeking FX clients. He will report to Rob Garwood, head of FX sales, financial markets sales and FX restructuring.

Walsh is the second major FX appointment Lloyds Bank has made in recent weeks, after they hired Keith Underwood as head of FX trading for the Americas earlier this month. Lloyds Bank, while improving its overall rankings in the 2011 Euromoney FX Survey by nine places to 38th position, have barely registered a market share with hedge fund clients in the survey in recent years.

Lloyds Bank and Royal Bank of Scotland spokespeople declined to comment.

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