Zack Vora, head of interest rate products at Commerzbank in Hong Kong, recently resigned and the German firm is planning to restructure its interest-rate derivatives operations in Singapore and Hong Kong in the wake of the move.
Commerz is not looking for a replacement because of the restructuring, said Bob Fotheringham, treasurer in Hong Kong. An official familiar with the firm added that more interest-rate trading responsibility will be shifted to Singapore. Reasons for the proposed move could not be determined and Fotheringham could not be reached to discuss this point.
Vora said he quit because of frustration with a global hiring freeze at Commerz that prevented him from building a derivatives presence in Hong Kong. He is looking to take some time off before returning to the industry, "perhaps travel the world."
