Deutsche bank still raiding Morgan Stanley for rates hires
Deutsche Bank is still hiring for its rates business. And Morgan Stanley is still its chosen source of talent.
The German bank just recruited Ben Black as head of its London SSA (Sovereigns, supranationals and agencies) trading in London. Black joins from Morgan Stanley, where he'd worked since October 2021, having previously worked for JPMorgan and RBS.
It's unusual for banks to hire this close to bonus payments, and Black has almost certainly arrived on a guarantee to compensate him for the money he's leaving on the table at Morgan Stanley. Deutsche can afford to pay: rates traders are having an excellent year everywhere and DB said its rates trading revenues more than doubled in the third quarter.
It can also be unusual for European banks to hire traders from American banks especially just before bonuses (unless extremely generous guarantees are paid), but Deutsche has form. In early December 2019 it hired Josh Hooker from Morgan Stanley as global head of forwards and short-term interest rates trading in London. In January 2020 it then hired Alok Modi (also from Morgan Stanley) as head of European government bonds, synthetics and cash derivatives. And in March 2021 it hired Richard Blacker and Guy Winkworth, both from Morgan Stanley too.
DB isn't exclusively hiring from Morgan Stanley though. It also recently recruited former Natwest trader Patrick Maber in rates structuring.
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