Sept. 17 (Bloomberg) -- Royal Bank of Scotland Group Plc, one of the 18 primary dealers that serve as counterparties to the Federal Reserve in its open market operations, said co-head of U.S. dollar interest rates Rishi Shah has left the firm.
Richard Volpe, who had been co-head of interest rates with Shah, has been named sole head of the group, said Michael Geller, a spokesman for the firm.
Geller declined to give Shah’s date of departure. Shah did not respond to requests for comment.
Volpe, who joined RBS in 2008, worked for 14 years at Bear Stearns Cos. in New York where he had been a senior managing director in charge of interest-rate trading. He left the firm after the Fed arranged its sale to JPMorgan Chase & Co. in March 2008 amid the financial-market crisis.
Volpe is also co-chairman of Securities Industry and Financial Markets Association’s primary dealer committee.
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