Yamaichi Bank Names Wright Manager To Lead Sales

BANKS

Yamaichi Bank is bolstering its FX sales presence in London and has hired Paul Wright to head a new European FX sales desk in London, says John Masters, treasurer in London. In addition to the new desk, Yamaichi has made a number of key hires to boost its FX operation in the City.

Wright will be responsible for all non-Japanese clients and counterparties within the group's activities in his newly-created position. Wright previously worked at Commonwealth Bank of Australia in a similar position.

Other recent hires include Dale Wardill, formerly with Lloyds Bank, who will trade yen crosses, and Spencer Downey, previously at the Long-Term Credit Bank of Japan, who has joined as a dollar/yen trader. Phil Chambers, who previously worked at Citibank in the money markets division, has also joined the bank as an off-balance sheet trader.

In November, Yamaichi set up a Japanese FX sales desk in London which is now manned by three dealers, says Masters. The desk, headed by Koichi Okada, will focus on Japanese speaking clients and counterparties within the group's activities.

Masters says he was hired from the Royal Bank of Scotland to build up Yamaichi's foreign exchange and money market businesses. Initially, the bank's FX operation was rather small, at about five staff, although that number has since increased to around 16, says Masters "At the moment, Yamaichi has full coverage of all treasury products, so the bank is now consolidating this recent FX expansion," he adds.

Yamaichi has also set up a bond trading desk in London which will focus on the long-end of the yield curve, says Masters. He adds that bank has no plans to make further hires for the moment.

Earlier this year, when Yamaichi announced plans to expand its treasury operation in London, Rob Lockheart, formerly of Dai-Ichi Kangyo Bank, joined to head the FX spot trading desk. More recently, the bank hired Terry O'Donnell from Lehman Brothers to head the FX forwards desk and Chris Stroud, formerly at Royal Bank of Scotland, as head of the swaps desk.

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