Three staff leave NatWest

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The Independent Online
NatWest Markets, which has suspended five senior staff over the pounds 90m options mis-pricing scandal, yesterday parted company with another three senior executives following a shake-up in its global debt markets division.

Johan Hattingh, head of European fixed income, and Alby Cator, managing director of European primary markets, have left the investment bank as a result of the changes. Separately, Roger Nagioff, head of European equity trading and derivatives, has quit to join Lehman Brothers.

The overhaul follows NatWest's acquisition last year of the US bond house Greenwich Capital and the creation of a new global debt markets division. NatWest stressed, however, that the changes were not connected with the mis-pricing scandal which has resulted in bonuses worth pounds 8m being docked from a handful of employees numbering between five and 10.

The bank's new global debt markets division will be run by Gary Holloway and Chip Kruger, both of whom worked for Greenwich Capital. Mr Holloway will be responsible for US and Asian operations while Mr Kruger will be based in London in charge of European debt market operations.

As part of the management changes announced on Thursday following the disclosure of losses in NatWest's interest rate options business, Vincent Tomasi is switching from being head of US debt capital markets in New York to take over as acting head of global debt derivatives in London.

A spokeswoman said the changes, announced to staff on Thursday, played to the strengths of NatWest and Greenwich and would improve the operation of the debt markets division.

However, others point to low morale and say that several staff are keen to depart following the shadow cast by the options mis-pricing episode.