First National Bank Of Chicago Sets Up Forex Risk Advisory Operation

FIRST National Bank of Chicago is spinning off a risk management advisory group from its foreign exchange and derivatives division.

The new group will be headed by Fred Stambaugh, who takes the newly created position of global head of strategic risk management advisory services.

Stambaugh was previously managing director of risk management consulting at the London office of Chase Manhattan bank. He also worked at First Chicago's foreign exchange division from 1979 to 1992.

First Chicago's new risk