NAB begins major restructuring

French bank Calyon has poached a four-strong team from the Australian bank's FX sales desk. Sean Murphy has been hired to head FX flow sales in Asia out of Hong Kong. Murphy had a similar role at NAB, based in Sydney.

Kieran Salter joins Calyon as head of hedge fund sales London, reporting to Philippe Delmotte, London-based head of foreign exchange sales at the French bank. At NAB, Salter was global head of institutional sales in London. The other two movers from NAB are Tony Beard, who will