Singapore-based Todd Morakis left his position as managing director and global co-head of emerging markets trading for the Royal Bank of Scotland (RBS) at the end of last year.
RBS has not directly replaced him, but his former responsibilities as head of markets for Singapore have been split between Ramit Bhasin and Samir Atassi, two managing directors at the bank.
Bhasin is also head of Asian emerging market trading for FX, rates and credit, as well as head of markets for India and Southeast Asia. Atassi continues in his role as head of Asia Pacific ex-Japan market sales.
Both Bhasin and Atassi report regionally to Pierre Ferland, who has been head of markets for Asia Pacific at RBS since 2008. In addition they report to Madan Menon, head of international banking for Asia Pacific, in their joint role as co-head of markets for Singapore.
Morakis worked at RBS for just over two and a half years. He was named global co-head of emerging markets trading in July. Before this, he was managing director and head of fixed income, currencies and commodities trading for Asia Pacific.
Speaking to Asiamoney PLUS on January 11, a spokeswoman said that Morakis had left the bank for personal reasons. His role as global co-head of emerging markets trading has been taken over by his former co-head Gary Hawkins, she said.
Morakis received media attention in the first half of 2012 when former RBS employee Tan Chi Min alleged that Morakis knew bankers at the UK institution were manipulating the London interbank offered rate (Libor). RBS is one of a series of banks being investigated for the possible rigging of Libor, which is a key interbank lending rate.
Tan had been RBS’ Singapore-based head of delta trading for global banking and markets, reporting to Morakis. He was fired in January 2012 for attempting to manipulate Libor in order to increase profits.
Following his dismissal Tan filed a lawsuit against RBS in Singapore, asserting that his employment was wrongfully terminated. During the court case, which began in March last year, Tan alleged that Morakis – along with other members of the bank’s senior management – was aware that RBS traders were setting Libor rates, according to reports.
At the time, Patricia Choo, a Singapore-based RBS spokeswoman, declined to comment on behalf of Morakis about the claims made by Tan, according to Bloomberg. The case is ongoing.
The RBS spokeswoman denied that Morakis’ departure was in any way related to the allegations of his knowledge about Libor manipulation.
At the time of going to press, RBS was closing a settlement with US and UK regulators over the Libor fixing claims that will likely result in it having to pay at least £300 million (US$484.5 million).
This article was edited on January 14 to update Morakis' job title at the bank.