One of the victims of the reshuffle looks certain to be Niall Cameron, the banks highly regarded head of traded markets.
The changes, brought in by head of global markets Gary Page, will see the integration of the banks origination platform into one team (to be called structured finance) run by Mike Nawas. Nawas is currently head of fixed income capital markets, and his team will be combined with the structured lending team under Martyn Powell, who now reports to Nawas.
Reporting lines in the debt and equity business have changed, with Frank McKirgan (head of equities) and John Nelson (head of financial markets) now reporting directly into Page. This means that the head of traded markets role disappears. Euromoney understands that Cameron has been put on consultation, and for the time being remains an employee of the bank.
The overall management team for global markets has also been reduced from 12 to 7.
ABN insiders say the move will allow the bank to better offer overall client solutions rather than on a product-by-product basis, allow equities and financial markets room to breathe and grow on an even keel, and streamline reporting structures, including on geographic lines.
However, it will come as a shock to many both inside and outside the bank that Cameron has lost out in the reshuffle. At a time when even ABN CEO Rijkman Groenink has expressed some uncertainty about the banks level of commitment to investment banking, Cameron played an important role in two of the firms few recent success stories: the building of a structured credit business that managed to muscle in on more illustrious competitors, and brought the constant proportion dynamic obligation (CPDO) to the market (one of Euromoneys six deals of the year from 2006); and a debt trading division that ranked sixth overall, and top for credit indices, in Euromoneys inaugural fixed income trading poll.
ABN Amro was keen to stress that there would be no change in headcount as a result of the latest changes. However it is the latest in a long line of restructurings as ABN Amro tries to get its capital markets offering right; as recently as January, ABN announced around 200 departures from its London office.