UBS held a reorganisation of its FX & Money Markets (FXMM) business at the end of January and the changes seem to be biting. The biggest beneficiary was Darren Coote, who has moved up to the role of global head of FX trading. UBS says the move is part of its “continued efforts to strengthen our global trading business. We are convinced that the talent and energy of the new unit will propel our FX businesses to even greater success in the future.”
Coote’s former role of global head of FX spot has been filled by Urs Bernegger, while Tony Hall takes on the role of global head of FX options. Hall, who will divide his time between Zurich and Singapore, and Bernegger report to Coote. Hall’s promotion to a global role means that Hans-Ueli Berger becomes head of options in Singapore.
Former global head of FX options John Meyer has assumed a prop trading role. Sources say that Christoph Kreuter, who was a managing director, chief dealer, FX, is peeved to have been passed over for promotion again and has decided to leave the bank.