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Foreign Exchange

Lloyds Bank makes two further hires as FX build-out continues

Lloyds bank has made two further hires to its FX team as it continues the expansion of its franchise, reveals EuromoneyFXNews.

The bank is believed to have hired Andy Jardine, a former spot trader at UBS, to join the bank’s spot desk. It has also hired Russell Young, a former options trader at Royal Bank of Scotland, for its FX options desk, reporting to Vikas Dabral, head of FX options.

Young, who spent more than four years at RBS, will officially join the bank in the first week of June.

It is not yet known who Jardine will report to, though it is likely it will be Darren Coote, global head of spot trading, and the former UBS spot trading chief, who joined Lloyds in November.

Last September, the bank also hired Graham Harris from UBS, to head up its financial institutions’ non-banks team.

Lloyds Bank confirmed the hire of Young, but could not comment on the arrival of Jardine.

In an interview with EuromoneyFXNews in February, Rob Garwood, head of FX sales, said the bank, ranked 38th in Euromoney’s FX rankings, was targeting the top 20 by 2014 and the top 10 by 2016.

As well as making a string a senior hires during the past 12 months, the bank also launched its electronic single-dealer platform, Arena, initially to its commercial and mid-market firms in November, and now its larger corporate and institutional clients.

On the trading side, Garwood told Euromoney that the bank was going to focus on becoming a “top-tier service provider” in sterling and sterling crosses, which would form the basis of Lloyds’ initial competitive advantage in FX.

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