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Deutsche Bank's rates traders are joining their nice friend at Nomura

Deutsche Bank's rates traders have developed itchy feet in London.

By our estimation, at least seven senior rates traders have left in the last year, including, most recently, Hemish Shah, who's gone to Nomura for a bigger role as head of EMEA flow rates trading. 

Shah's departure follows that of Kilian Frensch, a former DB rates trader whom everyone there praised highly for being a generally great guy and who left last year to become Nomura's head of flow rates trading. 

At the time, we reported that Frensch was reporting into Olek Gajowniczek, Nomura's deputy head of EMEA flow rates trading. Gajowniczek, however, left the Japanese bank by mutual consent in February 2024. 

Shah is reporting to two people: Richard Volpe, global head of rates, and Nat Tyce, head of global markets EMEA. Volpe, who joined Nomura eight years ago, began his career at Bear Stearns in 1994. Tyce joined Nomura in 2023 post a period of semi-retirement after running the macro team at Barclays in EMEA. He's said to be a superstar. 

Nomura is rebuilding its rates team and has also hired Shahil Ghelani from Goldman Sachs in Paris. 

Sources say that, like Frensch, Shah will be missed at Deutsche Bank. "He was extremely highly viewed here," says one. Another said Deutsche Bank traders will be sending their CVs to Nomura now. A source inside Nomura said the "new Nomura" is different to the old Nomura and that the new hires are already shaking things up.

Deutsche Bank declined to comment. The EMEA rates team at the bank is run by Alok Modi, Morgan Stanley's former head of macro trading in Asia. Deutsche Bank recently hired Pedro Goldbaum from Citi as head of its US rates business. It plans to make additional hires this year. 

Photo by Bonnie Kittle on Unsplash

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AUTHORSarah Butcher Global Editor

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