Sumitomo Mitsui Banking has hired Kunal Maini as international head of macro rates, bolstering efforts to expand its sales and trading franchise beyond its core Japanese market.
Maini, a veteran of BNP Paribas and Morgan Stanley, was also tapped to act as SMBC¡¯s deputy co-head of global markets alongside International Head of Credit Steven Feinberg. He¡¯s based in New York and reports to Masahito Nonaka, head of global markets for the Americas at SMBC, according to an internal memo sent by Nonaka.
The appointment underscores a plan laid out by SMBC management earlier this year to boost profitability in international markets.
Maini¡¯s role is a newly created position at the firm, Japan¡¯s second-largest banking group by assets. The hiring of Maini follows the recruitment of Gagan Sobti as head of macro rates trading and Shrikar Shah to lead interest rates structured-trading in April. Christian Stauder will continue to head rates sales working under Maini.
The Federal Reserve Bank of New York last year designated the broker-dealer unit of SMBC Group Americas as a primary dealer, meaning it can directly engage with the New York Fed to implement monetary policy.
Maini was most recently the head of Americas fixed income, currencies and commodities trading at BNP Paribas. Prior to joining BNP in 2022, he led government bond, inflation and e-trading at Morgan Stanley. He¡¯s also worked in rates trading roles across Credit Suisse, Barclays and Lehman Brothers, according to his LinkedIn profile.
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