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Screenshot of a breaking news alert e-mail from Q2 2017
Canada’s RBC Capital Markets sees Graeme King depart as co-head of FX spot trading.
The revolving door continues to swing in the executive suites of major banks. Last week we reported on the departure of Anil Prasad, Citigroup Head of FX. Well the weekend has brought more changes, with Canada’s largest bank RBC announcing that its co-head of FX spot trading, London-based Graeme King, is leaving the company.
King had joined RBC from BofA Merrill Lynch in 2011.
Not to feel alone, RBC was joined by Goldman Sachs in the FX departure department, with Goldman saying goodbye to Steven Cho, global head of G-10 spot FX and forward trading, and Leland Lim, co-head of macro trading for Asia Pacific.
Officially, Reuters reports that RBC stated that Mr. King’s departure was not related to the global investigations into manipulation of currency rates, or as we’ve been calling it the 4pm fix investigation. However this and the other departures we’ve noted create an undeniable pattern leading us to conclude that most, if not all of these events are indeed tied to the investigation.
It doesn’t mean that any of the individuals (or institutions) are suspected of any specific wrongdoing. But it does suggest that these leading FX banks are intent on changing both the way they do FX business, and the faces of those leading their respective FX departments.