Deutsche Bank hired itself a new rates trader from Bank of America
Those hires include Rishi Khagram, a gilt trader from Bank of America whom Deutsche has poached despite the lateness of the year and the imminence of bonus season. Khagram, who has yet to make his move public, spent nearly a decade on BofA's gilt desk after six years at HSBC following his graduation from Cambridge University.
Deutsche Bank also hired Hadley Parrie from Barclays as head of sterling rates trading in January. However, Parrie's arrival has been followed by the exit of various senior traders from the DB rates team, including Josh Hooker, the ex-head of STIR and FX forward trading has quit, Kilian Frensch (head of European swaps), Daryl Li (the new head of STIRT) and Guy Winkworth, the former head of GBP rates trading. Insiders say the exits were not related to Parrie's arrival.
Deutsche Bank has been doing some big hiring for its investment banking business this year, but its revenues don't reflect the investment. CFO James von Moltke said this week that fixed income sales and trading revenues will 'normalize' in Q3 versus a strong year last year and that investment banking revenues will decline. There is “a lot of work to do” on keeping costs in check, von Moltke added, implying that bonuses may not be the best.
Bank of America may not replace Khagram as it has an official hiring freeze. Unofficially, though, it's building its markets business. BofA made over 60 external hires in EMEA FICC sales and trading in 2022 is still hiring this year.
While DB is fishing for talent elsewhere, some of its most popular ex-traders have yet to resurface. Speculation surrounds the whereabouts of the popular Kilian Frensch, who may possibly be joining Nomura.
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