Bank One, with assets of over USD260 million, has closed its strategic risk management advisory department in London, according to Fred Stambaugh, senior v.p. and head of currency risk management. The department had five staff, including three quants. Jessica James, director and head of the department, and Chris Attfield, director, both opted for redundancy and Rob Tanner, a quant, has moved to Chicago to join the risk management advisory group, according to officials. Matt Matthews, head of the risk management advisory group in Chicago, declined comment.
Officials said the department was closed because Bank One wanted to move its core operations back to the U.S. following the shrinking of its London office. One official said the London office now has half the headcount it had three years ago. James and Attfield reported to Stambaugh.
