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Foreign Exchange

Senior UBS FX e-commerce veteran leaves

A senior member of the UBS FX team has left the Swiss bank.

Andy Durrant, who was UBS’ head of EMEA e-commerce business development and UK e-commerce bank sales, has left the company. Durrant was based in London and joined UBS in October 2009.

Prior to his time at UBS, Durrant worked from November 2005 until 2009 as CME Group’s head of EMEA FX sales.

Before joining CME in 2005, Durrant worked in global FX markets through software vendor and consultancy provider company Option Computers and through the FX desks at Daiwa Securities, Westpac Banking Corp., Fuji Bank and Irving Trust/ Bank of New York.

According to a source close to the matter, Durrant's departure came as part of an ongoing cost reduction programme at UBS.

Last week, the Swiss bank announced a substantial reorganization that will see it shrink its investment bank and withdraw from a number of fixed-income businesses. UBS maintained its commitment to FX, however, saying it remained a "cornerstone" of the investment bank's services.

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