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BFCSA: Lehman & NAB gained from CBA Lehman split 2007

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Bit of historical value from Gladys.  We like our readers to be fully informed  This email address is being protected from spambots. You need JavaScript enabled to view it.

Lehman gains from CBA split

Source: FX Week | 17 Dec 2007

Categories: Accounting, People

SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank.

Marten Touw, previously head of global markets and treasury at CBA in Sydney, began a new role as head of fixed income at Lehman Brothers Australia on December 3. He reports to Ben Harding, chief operating officer in Sydney, and Hyung Lee, head of fixed income for Asia-Pacific in Tokyo.

Vincent Hau, previously Sydney-based general manager of products and training in CBA's global markets and treasury division, also jumped ship to Lehman in the first week of December. Hau is now Lehman's head of liquid markets, Australia, which includes all foreign exchange and commodities products. Hau reports to Touw and Thomas Siegmund, head of liquid markets, Asia-Pacific, based in Tokyo.

Touw and Hau departed CBA in mid-August, when the Australian dealer embarked on an internal restructure. The bank separated responsibility for its treasury and global markets functions, which now operate as separate entities, on August 13.

Before joining CBA, both Marten and Vincent spent two years at Shinsei Bank in Japan and five years at Westpac Banking Corporation in Australia.

CBA has handed Lyn Cobley, its Sydney-based executive general manager of balance-sheet management, responsibility for its independent treasury function. It has also given Ian Saines, executive general manager of institutional banking, responsibility for the independent global markets function in Sydney.

Since being dismissed from CBA amid internal reorganisation, Hau and Touw have filed claims against CBA for breach of contract, interest and costs. CBA chief executive Ralph Norris issued a statement last month asserting Touw and Hua were dismissed from the bank with cause.

"The bank will vigorously defend the action brought by them," Norris said. Just after releasing the statement, CBA formally filed its defence to the pair's action with the NSW Supreme Court.

In another casualty within CBA senior management, the dealer's ex-head of FX options in Sydney, Kelvin Lee, is rumoured to have departed for CBA's top competitor, the National Australia Bank (NAB). Lee began a role within NAB's foreign exchange global capital management team in Sydney on December 12.


CBA declined to confirm whether Lee's departure was linked to the restructure of its treasury and global markets operations. NAB did not respond by press time. 

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