American Express Bank has hired Albert Chang, a principal business specialist in sales at Integral, a software vendor in New York, as a director to build up its foreign exchange options trading and marketing operation. Part of this process may include further hiring, Chang said. He reports to Matt Porio, global head of fx spot and options in London and New York. Before working for Integral, Chang traded options at Rayner & Stonington, a Greenwich-based hedge fund.
AmEx's decision to expand its fx group is part of its ongoing effort to develop its products, according to Porio, but he would not elaborate on why the firm has chosen to do this now.
David Allright, currency options trader at AmEx in London, moved to Wachovia Bank after Chang's hire in London. An individual familiar with the situation said it was planned that Allright would report to Chang, but Allright had already accepted an offer from Wachovia by the time Chang started in London. His departure was not related to Chang's hire, said another individual familiar with the situation. Allright is reporting to Nick Motson, head of trading at Wachovia in London. Allright declined comment.
Separately, Motson hired Philippe Bourgault, interest rate options trader at Bayerische Landesbank in London, to trade Wachovia's non-dollar options interest rate book in London. Bourgault started Jan. 1. Motson and Bourgault declined comment. At Bayerische Landesbank, Bourgault reported to Nick Evans, head of the derivatives desk in London. Evans said the firm was likely to replace Bourgault internally, but had not yet done so.
