Morgan Stanley & others still hiring macro traders after epic 2022
After an exceptionally strong end to 2022, there are signs that banks are still adding macro trading talent this year, in both London and APAC.
Macro traders were some of the highest performing last year. They helped drive BNP Paribas's 45% year-on-year increase in fixed income trading revenues in the fourth quarter. At Deutsche Bank, rates revenues alone were up 400%.
Morgan Stanley doesn't break out its macro revenues, but has possibly gaps in its macro team after losing traders to Deutsche Bank. In February alone, it's recruited Sebastien Fonlupt and Michael Sansen, from Bank of America and Citi respectively. Fonlupt joins as an executive director in euro govie bond trading after three and a half years with BofA, and Sansen joins the SSA (Sovereigns, Supranationals and Agencies) trading team after nearly three years at Citi.
Morgan Stanley isn't the only bank hiring. Moise Saidi joined NatWest's European government bond trading desk in London. He was previously at BofA for 10 years, in electronic rates trading.
Many of these hires are likely to have been arranged last year and reflect people moving after bonuses were paid.
Credit traders did less well last year, but there are some signs of hiring there, too. Also in London, Barclays picked up Toby Farmer, a risk director in global credit, and a former head of principal investments risk with Deutsche Bank, where he was for over 16 years.
In Hong Kong, meanwhile, UBS picked up Vallabh Shastri, a Credit Suisse director to be its APAC head of credit structuring. He was Credit Suisse’s head of credit structuring for Asia ex-Japan.
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