Santander's been silently sucking up fixed income traders from other banks

Santander is mourning the death last night of Emilio Botín, the Spanish patriarch who made the bank what it is today. Emilio's daughter and CEO of the UK business, Ana Patricia, is expected to replace him at the helm. That could be a good thing for Santander's global banking and markets division - under Ana Patricia's management, the UK-based business has been hoovering up fixed income professionals from other banks.

The UK Financial Conduct Authority (FCA) Register reveals that Santander has hired at least three senior fixed income bankers in the past three months and has transferred others.

In July, the bank recruited Benjamin Mutin as an executive director in fixed income structuring from VTB Capital. It also hired Matteo Bolognesi, a rates salesman from Commerzbank. This month, it's hired Omar Mechri, a former executive director in non-core high-beta credit trading at UBS. And in August it transferred Andrea Leguina, a fixed income sales associate, across from Germany.

Can we conclude that Santander is building up its fixed income business while other banks pull back? Maybe. It could yet turn out to be an enlightened move. JPMorgan CFO Marianne Lake said yesterday that things could improve for fixed income traders very abruptly in 2015 ("When things change, they can change very, very quickly.") Even if they don't, Santander is clearly a good place to send your CV if you're a rates trader and are wondering what to do with yourself.

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