As we reported several times a few months ago, Deutsche Bank’s London rates trading team appears to have sprung a leak. Various senior people have left, including Hemish Shah and Kilian Frensch, both of whom have found a new home in Nomura.
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As 2024 unfolds, rates traders are also disappearing further down Deutsche’s hierarchy, but Nomura is not their destination.
Deutsche Bank isn’t commenting, but sources at the bank say that at least four vice president (VP) level rates traders at the German bank have recently handed in their resignations. In London, they include Shay Iqbal, a STIR trader who’s off to Citadel Securities as it grows its rates team, and George Maxted, a sterling rates trader who’s off to friendly hedge fund Verition. In New York, the exits include Tisa Segovic, a dollar STIR trader who’s joined trading firm DRW and Daniel Charnis, a junior trader whose destination is unknown.
The departures come as Deutsche has been warning about falling revenues in its fixed income sales and trading business this quarter. They also follow some big hires in its rates business, including Pedro Goldbaum, the former co-head of rates trading at Citi, who arrived in New York in February and James Trew, who joined from Citi in London as head of Sterling rates sales in May.
The VP level exits may simply be attributed to standard post-bonus attrition. However, 2023 wasn’t a vintage year for Deutsche Bank bonuses and sources at the bank say there are fears that 2024 won’t be either. “All these guys have almost certainly left on large guarantee packages in a year when they were unlikely to be paid well at DB,” observes one insider.
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