Senior U.S. traders are quietly leaving Wall Street banks. And not all are turning up at hedge funds.
Pierre-Alban Grellet-Aumont, the U.S. head of global markets for non-strats trading at Deutsche Bank, quit earlier this month according to his public profile. FINRA confirms that Grellet-Aumont left DB after 24 years this March.
Grellet-Aumont joined Banker's Trust back in 1994 before it was even part of DB. After starting as a quant researcher he became a trader and MD across mortgage derivatives, swaptions, rates and structured products. He became U.S. head of non-strats trading in 2016. Deutsche declined to comment on Grellet-Aumont's departure and it's not clear where he's going next.
Grellet-Aumont isn't the only senior markets professional to step aside. Robert Schiffman, a New York-based managing director in the Swiss bank's fixed-income division, has just arrived Bloomberg as a technology credit analyst. Schiffman is understood to have left CS after 17 years in December. He was head of investment grade research in the U.S. before moving to the trading desk in 2017. Also like Grellet-Aumont, Schiffman's sojourn at CS began at a company that was acquired by the European bank as it tried to penetrate the U.S. market: he started out at DLJ in 1994.
The exits come after banks' fixed income, currencies, and commodities (FICC) sales and trading had a challenging 2017. Fixed income trading is expected to rebound this year. Some people clearly aren't waiting around.
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