Peck Kwan Yip, institutional foreign exchange sales professional at Chase, joined as an institutional foreign exchange derivatives sales professional late last month, according to an official at DBS in Singapore. A further two hires in the foreign exchange derivatives team are also imminent.
DBS also plans to expand its newly created credit derivatives team with the addition of two or three professionals by the end of February, according to Sandeep Gill, head of structured credit products in Singapore. He is currently the only member of the team.
A trader in Singapore said that traders are piling out of Chase because they are concerned about their future there following Chase Manhattan Bank's merger with J.P. Morgan. To many traders in Singapore, DBS looks attractive as it is known to be expanding and is reportedly paying over the odds for good talent.