Deutsche Bank's junior rates traders are escaping still
This time last year, we reported that Deutsche Bank's next generation of rates traders seemed to have sprung a leak. One year on, they continue to dribble away.
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In the past two months, sources say another six rates traders in the junior and mid-ranks at Deutsche Bank in London have left. They have been lured away by a combination of rival banks, electronic trading firms and hedge funds.
The confirmed exits include Rhys Davies-Sweet, an associate who's gone to Citadel Securities, Harshith Chakka, an associate who's gone to JPMorgan and Vicky Mok, who's gone to Millennium in Paris.
Sources say these are the tip of the iceberg. The FCA Register shows Nav Aithani, another associate, leaving this week. Last week, it says Maeve Brereton, a VP, left. Natasha Ringrose, a VP in Paris left earlier this year. Aithani is thought to have gone to a hedge fund. Ringrose is rumoured to have joined Citadel Securities.
The exits come after Deutsche Bank's rates traders complained that their bonuses were poor last year and surmised that payments went to credit traders instead.
Deutsche isn't the only bank to have lost rates traders recently. Barclays lost James Armstrong and Nico Huss, its head of euro swaps trading and a member of his team, to Balyasny and Citi respectively.
Last year, Deutsche lost at least four VP level rates traders in London, plus senior people, including Hemish Shah and Kilian Frensch, who joined Nomura.
Headhunters say the rates market in London is short of talent. "Every year, 30-40 people leave and either retire or join hedge funds," says one. "Rates traders are still hot and there's a shortage of them, so banks hire from rivals, and it creates this merry-go-round."
Deutsche Bank declined to comment.
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