MUFG might be offering 500 of its London directors and managing directors the option to take voluntary redundancy, but this doesn't mean it isn't hiring. The Japanese bank just recruited a new director in London, and he wants to build a team.
Chris de Sibert joined MUFG on Monday as the bank's EMEA head of institutional FX sales. Last seen at NatWest Markets, de Sibert previously spent eight years as an MD and head of FX sales at HSBC. He's also worked for Bank of America, UBS and Citi. - Sibert has been around.
MUFG declined to comment on Sibert's arrival, but it's understood that he will be hiring. Sibert's institutional-focused FX business is new for MUFG. The Japanese bank is seeking to increase its penetration with hedge funds, sovereign wealth funds, banks and real money clients.
With MUFG seeking to take costs out at the top end through its voluntary redundancy program, Sibert's hires are expected to be more junior. Given his recent arrival, they're unlikely to take place immediately - but something is likely to be forthcoming in the next few months.
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