Natwest markets just rehired an RBS high yield sales veteran (again)

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Richard Gathercole

It's called Natwest Markets now

Remember Richard Gathercole? If you've spent any time in the London high yield market, you really should. Gathercole (who's LinkedIn profile photo is Auric Goldfinger from the eponymous Bond film) has been in the markets for 36 years, many of them at RBS. Now, he's returning to his roots.

After leaving his last role at Mizuho in October 2017, Gathercole is understood to be joining Natwest Markets (formerly known as RBS) later this month as a director of high yield sales. For Gathercole, it's a homecoming to a bank which appears to have shaped his career.

No one knows exactly how long Gathercole spent at RBS in the unrecorded days before the internet, but the FCA Register shows him working at the British bank in 2001 (when the FCA Register began) and leaving in 2002. He then rejoined in 2007 and left in 2009, before going on to work for Hoare Capital and Mizuho, at which he latterly spent nearly seven years.

Natwest Markets declined to comment on Gathercole's return. He's understood to be reporting to Sean Finnerty in leveraged finance. Finnerty himself has worked in the markets for a mere 14 years according to his FINRA registration, and may therefore want to defer to Gathercole's superior experience - particularly in a cycle of rising rates. Headhunters suggest NatWest Markets may have picked up Gathercole cheaply as he'd been on the beach for nine months, and counting.

Gathercole's return follows various big hires to RBS's London fixed income business last year. There have also been exits however: James Konrad,  Robbie Anderson, Ian Walker and Biagio Lapolla all left the European government bond desk last month, with many of them now understood to be joining Nomura.

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