You don’t crucify people! Not on Good Friday!
Michelsen leaves Saxobank
Eric Michelsen, vice-chief executive at Saxo Bank, has left the company. Michelsen is believed to have disagreed with the way Saxo’s management style was evolving as a result of its rapid expansion. “I think it's a good time to leave, because there is so much interest in retail FX and lots of people are looking to get into it,” he told the Weekly FiX. Given his experience, it is unlikely that Michelsen will not “get back on the horse soon”, as the Danes say, and find another senior position in the industry. Saxo had little to say on his departure, other than to wish him well in the future.
Yip Nips out of BoA
Bank of America confirmed that Tim Yip left its London office at the beginning of April. Yip had been a managing director in the structured rates trading group and reported to Michael O’Neill, head of global structured rates. As yet no replacement has been named but an announcement is expected shortly.
Morgan Stanley streamlines
Morgan Stanley has had a bit of a rejig in its FX business. Roberto Hoornweg, who with Philip Newcomb was previously global co-head of interest rates and currencies, now assumes sole responsibility.