Bloomberg News

Goldman Sachs Tokyo FX Salesman Wako Ogawa Said to Resign

June 24, 2014

Goldman Sachs Group Inc. (GS:US)’s Tokyo-based foreign exchange salesman Wako Ogawa is leaving the firm, according to two people familiar with the situation.

Ogawa, 44, a vice president at Goldman Sachs Japan Co., will leave the firm later this year to join a financial institution, the people said, declining to be identified because the matter is confidential. Goldman Sachs’s Tokyo-based spokeswoman Hiroko Matsumoto declined to comment.

Ogawa, who joined Goldman Sachs in 2007, regularly appears as a commentator on TV Tokyo (9413)’s early morning financial news program, “Morning Satellite.”

Banks globally are seeing income from foreign exchange squeezed by a decline in market volatility as global central banks provide unprecedented liquidity.

Deutsche Bank AG’s Currency Volatility Index, which measures the market’s expectation of future price swings for nine currency pairs, slumped to a record 5.3 percent on June 19. The index was as high as 15.8 percent in September 2011.

Goldman Sachs ranked 10th in global currency trading, up from 11th a year earlier, Euromoney reported in its survey of the market published this year, with a 2.5 percent share. The bank has seen its proportion of transactions shrink each year since 2010, the data show. Citigroup Inc. was the leader in the latest survey with a 16 percent share.

To contact the reporters on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net; Hiroko Komiya in Tokyo at hkomiya1@bloomberg.net; Kevin Buckland in Tokyo at kbuckland1@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net; Garfield Reynolds at greynolds1@bloomberg.net Garfield Reynolds, Naoto Hosoda


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $183.83 USD
    • -1.29
    • -0.7%
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