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Deutsche pinched one of Morgan Stanley's most profitable rates traders.

Deutsche Bank hired a big name trader from Morgan Stanley

It's the fourth quarter and Deutsche Bank is still cutting costs, but this does not seem to preclude hiring in some areas of fixed income trading. Sources say Deutsche has got at least one very major new recruit.

Josh Hooker, the former head of G3 (U.S., Japan and the eurozone) rates trading, who resigned from Morgan Stanley earlier this week, is understood to be joining Deutsche's macro business. Deutsche didn't immediately comment on the alleged new arrival, but Hooker is a big deal: he ran a highly profitable short-term interest rate trading (STIRT) desk at Morgan Stanley.  Hooker has joined as global head of forwards and short-term interest rates trading in London. He will report to Deutsche’s Jonathan Tinker, co-head of FX,and Kemal Askar, head of rates.

Hooker isn't Deutsche's only new hire. The German bank also recruited Shuo Wu as head of electronic FX forwards trading from JPMorgan. Wu reports to David Leigh, head of electronic FX trading, and Roel Oomen, head of FIC quantitative trading. Gajern Kailavasan from UBS is also joining as a vice president in high yield credit trading. Kailavasan is a former junior chess champion.

Fixed income trading is having a rush of last minute recruitment. As we also reported this week, Nomura hired Luke Parker, another senior rates trader at Morgan Stanley. Meanwhile, Saqib Deen, a former senior credit trader at BNP Paribas, is understood to be joining NatWest Markets distressed desk.

Recruits at this time of the year are typically expensive and come with guaranteed bonuses. It's not clear whether Deutsche offered guarantees to Hooker and Wu, but it seems very likely.

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AUTHORSarah Butcher Global Editor
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