Former Commerzbank executive and foreign exchange (FX) veteran, Steffen Berner has taken up a new role at LBBW (Landesbank Baden-Württemberg), Finance Magnates has learned. His recent focus has shifted into the capital markets space after nearly nine years in the FX industry.
The new appointment is the latest example of the shifting FX space for senior traders and sales personnel, with the industry showing signs of contracting in 2017. Indeed, a number of FX desks have been gutted or absorbed into different units entirely at several leading lenders, most notably European banks embarking on broad-based bids to rekindle profits.
Mr. Berner is no stranger to the financial services industry, having worked in sales for over a decade. After beginning his career at Südwestbank AG in 2002, he worked at Commerzbank for over nine years.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
His tenure at the Frankfurt-based lender saw him hold a multitude of different roles, including an emphasis on FX sales. In 2009 he moved to London with the group, specializing in FX sales in the UK and later Europe, Middle East, and Africa (EMEA) in 2012. This paved the way for his appointment as the Head of FX & Derivative Sales – CEEMEA in 2014.
Following his time at Commerzbank, Mr. Berner worked for nearly two years at ED&F Man Capital Markets. In this capacity he worked as a Managing Director and its Head of EMEA Sales, whilst based out of London.
His new role at LBBW will see him focus exclusively on the capital markets space however, while still retaining a familiar sales-oriented position. This includes a focus on growth markets sales for the group – he steps into the role with immediate effect and will be reporting to Torsten Biesel, who is in charge for International Banks and Sovereigns at LBBW.