The global head of rates prime brokerage and client clearing at Deutsche Bank has left to join Lloyds Bank Corporate Markets as it builds out its foreign exchange franchise.

Joe Cassidy, a managing director who joined the German bank in May 2010 from Nomura, is expected to join Lloyds in March as head of ecommerce, according to two people familiar with the situation. Cassidy wil report to Clare Francis, a managing director and head of sales, one of the sources said.