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Senior rates trader resurfaces after long rest

In June of this year, Kevin Broughton quit Mizuho. This week, Broughton officially announced he was back in the game, starting a new role as a macro rates trader at Wells Fargo.

Broughton was brought on by Mizuho in May 2021 to become the head of USD rates trading in london. He has plenty of experience. He was at Morgan Stanley for 6 years and RBC Capital Markets for over 3 where he became a vice president of flow rates trading. He spent some time as a senior consultant in fixed income and algorithmic trading before his director role at Mizuho as well.

Broughton's arrival at Wells Fargo comes as the US bank continues to expand in London. In September, it made some big hires in M&A (including Mark Hutt, the new UK M&A head). Broughton's arrival suggests the bank is expanding in markets too.

Broughton's reappearance on a trading desk follows five months of gardening leave. It's a good time to be back. Rates trading revenues are booming - Deutsche Bank’s rates reveues more than doubled in Q3. It’s not been unusual to see individual traders generate profits of over $100M this year.

Broughton isn't the only rates trader on the move. Earlier this month Raymond Betita moved from BNP to become a managing director at Nomura. Deutsche Bank also recruited Natwest trader Patrick maber.

More hiring is likely. One headhunter says, “the opportunity cost of waiting to hire until the first or second quarter of 2023 exceeds the cost of buying out someone’s bonus.”

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Photo by Kipras Štreimikis on Unsplash

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AUTHORAlex McMurray
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