JPMorgan prop team jumps...to RBS?
Nick Munns and two other FX traders on JPMorgan’s foreign exchange prop desk in London have left the firm, the bank confirmed today.
All three are expected to join Royal Bank of Scotland, although RBS was unable to confirm their hires as The WeeklyFiX went to press.
A JPMorgan spokesperson stressed that, despite the departures, the prop desk remains a core part of the bank’s FX operations.
Should the three turn up at RBS, it will be a quick volte-face for the UK bank. The Weekly FiX reported in November that RBS had closed its prop trading desk, although it said at the time: “We keep the structure of our business under constant review to meet the rapidly changing global needs of our customers.”
This week also saw the resignation of Guenther Grimm from JPMorgan. Grimm was a vice-president on the FX sales desk.