Lloyds’s Global Head of Spot Foreign Exchange Said to Step Down

Apr 15, 2014 7:21 am ET

April 15 (Bloomberg) -- Lloyds Banking Group Plc’s global head of spot foreign exchange, Darren Coote, has resigned, according to three people with knowledge of the move.

Coote quit last week for personal reasons and the move is unrelated to any disciplinary investigations, said one of the people, who asked not to be identified because the decision isn’t public. Coote, who worked in London, didn’t immediately respond to a message left with a colleague or to an e-mail to his work address.

“It is group policy that we do not comment on individual employees,” Lloyds said in an e-mailed statement, declining to provide personal contact details for him. Online directory assistance websites didn’t include phone numbers and his account on LinkedIn Corp.’s website didn’t include an e-mail option.

His exit comes less than three months after Lloyds suspended Martin Chantree, a senior currency trader in the British lender’s London office, for passing on details about an impending trade to an employee at another firm.

Coote joined Lloyds in December 2011 from UBS AG where he was global head of spot trading, according to his LinkedIn account. He worked at SBC Warburg -- now part of UBS -- as a trader, rising to become its chief dealer in London in 1996, according to the LinkedIn profile.