A combination of layoffs and resignations from ABN AMRO's U.S. operation is leading industry professionals to speculate over whether the firm remains committed to the North American derivatives market. Last month the firm scaled back its credit derivatives sales staff, many of whom had been hired in the past few years as part of the Dutch firm's efforts to beef up, according to officials. Disappointment over bonuses has led to further departures in the past few weeks, with foreign exchange, interest rate and credit derivatives staffers exiting the firm, they added. Kimberly Williams, spokeswoman in New York, declined comment.
This comes 12 months after ABN announced it was pulling out of some areas of the U.S., including domestic cash equities and mergers and acquisitions. It stated, however, that "[It] will maintain its successful international equities and equity derivatives businesses in the U.S." The bank also planned to expanded its foreign exchange options and interest rate derivatives businesses.
But rivals say the recent departures have left the firm with little presence in some areas. For example in credit derivatives sales, David Manheimer, Steven Láng, Dan Calacci and PK Jain have all left in the last two months. Manheimer, Lang, Calacci and Jain could not be reached.
In FX and interest rates, Joe DeGregorio, head foreign exchange option trader in New York, has quit the firm, and Christian Farchione, an interest-rate derivatives trader, joined JPMorgan in a similar role on the bank's proprietary trading desk. Neither could not be reached.
