Wells Fargo Taps FX Veteran Robert Sabia as Senior FX Spot Trader

Robert Sabia, a veteran of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-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.