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An ETF VP quit Deutsche Bank

David Fazel, a VP in Deutsche's ETF business, is understood to have resigned. Fazel's destination is unclear, but he's thought to have found another role. He spent less than three years at Deutsche after joining from Nomura in 2016. Deutsche Bank didn't immediately respond to a request to comment.

Fazel’s exit follows news of redundancies at Morgan Stanley’s equities business. London's equities headhunters said there's very little hiring taking place. "This is usually the busy time of year, but equities trading volumes are down significantly in Europe. Add in a sprinkle of Brexit dust and you have hardly anything going on," said one, speaking off the record.

Another said that Morgan Stanley's redundancies are felt to bode badly for other banks. "The general feeling is that if Morgan Stanley are letting go of people in areas that are fundamental to the business and that have been profitable then it says something about market conditions, and other banks will do the same."

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AUTHORSarah Butcher Global Editor

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