Deutsche Bank just lost the head of its sterling rates desk
A senior trader resigned from Deutsche Bank yesterday. Insiders at the bank in London say Ryan Sbarra, head of the sterling rates desk, is no more. His destination isn't unclear.
Deutsche Bank didn't immediately respond to a request to comment, but Sbarra was absent when we called the desk.
Sbarra joined Deutsche from Bluecrest in August 2015 and worked under Sam Wisnia, the bank's head of rates.
Needless to say, Deutsche didn't pay performance bonuses to staff above associate level last year and this has caused some upset within the bank. It did offer retention bonuses to its favourite staff, but they're worthless unless the stock hits €23 in the first three trading weeks of 2021. Deutsche's stock is currently trading at €16.7. The bank has battling any resulting dissatisfaction with upbeat messaging and high class caffeine.
Of course, Sbarra might not leave at all. Deutsche Bank has reportedly been offering staff who resign generous incentives to stay. Maybe Sbarra will be back next week on a big guarantee?
Deutsche's rates desk missed out on the boom in rates revenues at the end of last year. However, Deutsche said rates revenues were "significantly higher" in both Europe and the Americas in the first quarter.