In a bid to reverse its dwindling income, Standard Chartered has hired Priyen Shah as the Director of FX Options Trading in order to reverse its lackluster FX metrics this year.
Standard Chartered also appointed Paul Denslow as its FX Head of Sales based in the U.S. in late July. The changes are part of the bank’s CEO Peter Sands’ efforts to turn around its fortunes after being criticized by investors over declining revenues.
Mr. Shah will oversee FX Options trading and boost the lender’s unit in Singapore, where he will be based in. Mr. Shah previously worked at Barclays in Singapore, where he was also the Director and FX Exotic Options Trader since 2003.
Elsewhere, Peter Billington, formerly the Global Head of Forex Flow Options at Commerzbank, has joined UniCredit as the Senior FX Options Trader and Exotics Trading Manager.
August and summer in particular is usually a lean time for the FX industry. But the declining revenue and trading volumes in the first six months of the year has forced most brokers and firms to restructure in an apparent effort to reverse some trends.
Mr Billington, in his capacity as a Senior Options Trader and Exotics Trading Manager, will report to Nick Gentle, the London-based Global Head of FX Derivatives at UniCredit. Besides working with Commerzback, Mr. Billington previously held various senior Forex positions at BNP Paribas and Dresner Kleinwort. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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