Barclays has appointed a junior trader as interim head of its London spot foreign exchange desk, illustrating a thinning out of the ranks after a torrent of traders has departed or been suspended amid a global probe into alleged market manipulation.
The Financial Times reports that the bank has promoted Daniel Ryan on an interim basis to the position of global head of voice spot trading, a post left void after the suspension of Chris Ashton last November, two people close to the situation said.
The move to appoint a relatively junior trader to a key role highlights the havoc caused by a global investigation into allegations that traders have shared information and moved prices by trading ahead of client orders.
'If they (the banks) pick less experienced people for these jobs they are in essence accepting the fact that they will be making less money and that they will take less risks', a senior fund manager said.
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Barclays appoints junior trader as head of forex desk (subscriber content)
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