Lloyds Hires Richard Moore as Head of Trading From MF Global
The bank also hired Royal Bank of Scotland Group Plc’s Cris Kinrade as head of counterparty exposure management and solutions, reporting to Moore, Lloyds said in a statement today. Both will be based in London, with Moore starting on March 1, the firm said.
“Under Moore’s leadership, the trading team will continue to provide sophisticated risk management and the access to financial markets and products necessary to support the funding and cash management activities” of its corporate clients, Lloyds said.
MF Global’s competitors have swooped on the broker’s employees since it filed for bankruptcy on Oct. 31. ICAP Plc, the biggest broker of transactions between banks, last month hired Gary Pettit and 25 more employees from MF Global to expand its financial futures and options business. Marex Spectron Group, a closely held commodities broker, also hired more than 12 brokers from MF Global in December.
Moore has spent 25 years in the financial-services sector, including working with Citigroup Inc. (C) from 1986 to 2008, Lloyds said. He was the CEO of MF Global in Europe since joining in April 2011.
RBS, Britain’s biggest government-owned bank, said today it will cut 3,500 jobs at its investment bank over the next three years as it jettisons unprofitable cash equities and mergers advisory operations.
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