Westdeutsche Landesbank is beefing up its precious metals trading team in London. Michael Bushman, formerly at first-e, an Internet bank which has closed its U.K. portal and previously a market maker in gold options at UBS Warburg, starts next month in the new position of head of precious metals options trading. Bushman was on gardening leave and could not be reached.
Marc Wall, global head of gold, energy and commodities in London, said Bushman will run the options side of the 11-strong precious metals team, which trades forwards, options and the spot market from London, New York and Sydney. "We think there is a tremendous opportunity given that banks have been pulling out," he said, referring to Credit Suisse First Boston. The firm pulled out of the precious metals cash and derivatives market earlier this month, to reduce costs, according to a CSFB spokesman. "We're going in the other direction," Wall added. Bushman will report to David Stevens, global head of precious metals in London.
