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Top quant traders are reconvening on central risk desks.

Top quant trader who quit Credit Suisse in NYC said to be joining BAML

A top quantitative trader who left Credit Suisse's New York office in May is understood to be joining Bank of America Merrill Lynch's central risk team.

Insiders say that Mitrajit Dutta, the former head of model driven trading at Credit Suisse in New York has been hired by BAML as it expands its central risk desk.

Neither Credit Suisse, BAML nor Dutta responded to our request for comments. Dutta's LinkedIn profile shows him still working for Credit Suisse. However, his FINRA registration reveals that he left the Swiss bank in May 2018. 

Dutta would be a big catch for BAML. A physics PhD, he started his finance career at Goldman Sachs in 2007 as a quantitative strategist and subsequently spent five years at various hedge funds before joining Credit Suisse in 2014.

Dutta's arrival at BAML would also coincide with the expansion of central risk desks as banks react to MiFID II's impetus to set up their own systematic internalizers.  It would come too as Michael Steliaros, Goldman Sachs' head of quantitative execution services and the former global head of quantitative solutions at Bank of America Merrill Lynch, is building Goldman's own central risk function and hiring from BAML in Europe.

Insiders suggest that Dutta is likely to be the first of several hires at Bank of America in New York. The U.S. bank is understood to be recruiting trading strategists for its central risk desk as it expands.

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AUTHORSarah Butcher Global Editor
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  • SE
    SES
    14 August 2018

    It is suspicious that bank’s central risk desk need so many people. Do they really need that many of trading strategists if they are not prop trading? Principle facilitation in many banks is very similar to prop trading.

  • IS
    ISE
    24 July 2018

    Why do banks need so many prop traders if they are not prop trading?

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