The head of financing and securities management at Dresdner Kleinwort, which covers money market and repo trading, resigned from the bank this week for personal reasons. His exit comes as these desks tighten their lending practices, heaping pressure on highly leveraged clients.

Ulf Bacher departs as the industry experiences its toughest period since 1998, as highly leveraged investors that had financed their investments with repurchase agreements have been forced to post additional margin or unwind their positions as lending terms have tightened. A spokeswoman confirmed that he had left.