Morgan Stanley traders aren't the only ones leaving Deutsche Bank
Senior traders are coming and going from Deutsche Bank's macro trading business, but so far at least there seem to have more been goings than comings.
In recent weeks, it's understood that Josh Hooker, Deutsche's head of STIR and FX forward trading has quit, along with Kilian Frensch (head of European swaps) and Daryl Li (the new head of STIRT).
The exits follow that of Guy Winkworth, the former head of GBP rates trading at Deutsche, who left for Barclays in June. Both Winkworth and Hooker came from Morgan Stanley (in 2021 and 2019 respectively). Kilian joined from Credit Suisse in 2015 and already left once for a year. Li joined from Barclays in 2020.
Deutsche declined to comment on the exits, which are understood to follow the arrival of Hadley Parrie from Barclays as head of sterling rates trading in January, although it's not clear whether the timing of Parrie's arrival and all the exits is simply a coincidence.
Hooker is joining BlueCrest, Michael Platt's family office which has been busy hiring this year. Frensch and Li's destinations are unclear.
Deutsche declined to comment on the departures. Speaking at the time of the bank's second quarter results, CFO James von Moltke said it had been a weak year for macro trading due to "low volatility" and a 'high base' after DB macro trading revenues rose dramatically in '21 and '22.
Deutsche is already understood to be in the process of strengthening its macro team with external hires. However, sources say it didn't particularly want to lose the likes of Li and Frensch and made some vigorous efforts to retain them. Li in particular was only promoted to managing director in April '23 and had only just been promoted to head of STIRT to replace Hooker.
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