Robert Sabia, a veteran of forex trading, has joined Wells Fargo as a senior foreign exchange spot trader. According to a report from FX Week today, he will be based in San Francisco, where the bank is headquartered.
In his new position, Sabia will be reporting to Alan Kabbani, head of FX spot trading for the Americas. Wells Fargo, an American multinational financial services company, has confirmed the move.
Sabia’s new role follows his 14-year-long tenure at the Bank of New York Mellon (BNY Mellon). At the firm, Sabia was Managing Director and Head of FX spot for North America.
He joined the company in May 2003 and worked there until June 2017, according to his LinkedIn profile. Whilst working for the bank, Sabia was based in New York.
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Between 1982 until 1986 Sabia attended the Boston University School of Engineering. After his four years of studies, he graduated with a bachelor’s degree.
The appointment of a seasoned forex trader is just what Wells Fargo needs as the bank is still recovering from a series of scandals that have plagued it since 2016.
This, of course, includes the revelation that employees of the firm had opened a number of fake accounts in its retail banking units. This saw the bank slapped with a record fine and the firing of some of its top executives, including its CEO.
Wells Fargo looks to the future
Not to dwell on past mistakes, the bank is looking forward to new horizons. Earlier this year, Finance Magnates reported that on July 17, Wells Fargo officially filed a patent for a blockchain-based “system and methods to manage a tokenization manifest.”
In simpler terms, the system would provide a pathway to create a tokenized representation of any sort of value. This means a token could be used in place of a bank account number, for example.