Another top rates trader quit Morgan Stanley for Deutsche Bank
Morgan Stanley is having a few problems keeping hold of its rates traders: they keep resigning, and then turning up at Deutsche Bank.
The latest to hand in his resignation is Guy Winkworth, one of Morgan Stanley's best inflation traders who's understood to have quit this afternoon. He's said to be heading for Deutsche Bank in a new role as head of the sterling business.
Winkworth was at Morgan Stanley for nearly 12 years. Morgan Stanley declined to comment on his exit.
Deutsche Bank also declined to comment on the alleged move. The German bank is amassing quite a collection of former Morgan Stanley rates hires: it poached Josh Hooker, Morgan Stanley's former head of G3 (U.S., Japan and the eurozone) rates trading in December 2019, followed by Alok Modi, Morgan Stanley's former head of macro trading in Asia, in January 2020.
Deutsche Bank hired Chris Leonard to run its U.S. rates business in December 2020. The bank's rates business globally is run by New York-based Kemal Askar, who joined from JPMorgan in 2016. The London business has undergone various changes following the return of Campbell Gilbert from Mizuho in late 2019 and the exit of various of his predecessors.
The personnel changes seem to have worked. Aided by market conditions, Deutsche said it had its second best quarter for a decade for rates revenues in the second quarter of 2020. Although rates desks were more lackluster at the end of the year, the bank is clearly emboldened to hire.
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