SG
According to headhunters, Deutsche has lost its head of European flow rates sales along with four other rates salespeople to UBS. It’s also said to have lost one other rates salesperson to Morgan Stanley.
Kevin Arnold, the head of European flow rates at Deutsche, is said to have left for UBS, along with hedge fund salespeople Osman Ozsan, a VP, and associates Ivan Chalbaud, Rahul Stanchina, and UK real money salesperson Stuart Legg.
Separately, Henrik Bon Bahr, a Scandinavian rates sales specialist is said to have gone to Morgan Stanley.
Deutsche confirmed the departures.
As we noted last week, Deutsche doesn’t appear to pay quite as well as its compensation costs and apparent headcount might suggest. The New York Post has already remarked upon the exodus of Deutsche’s US investment bankers after an allegedly bad bonus round. Now it looks like the same is happening in London.
According to one headhunter, Deutsche allegedly paid its London rates team, “20-30% below market.”
Headhunters also point to departures in the Deutsche rates team following the appointment of Haroon Sana from Merrill as global head of rates sales late last year. Immediately following Sana’s arrival Steve Murphy, former head of UK rates sales, and Josh Gonnella, former head of European rates sales, left for UBS. Their former colleagues now appear to be joining them.
Today Deutsche announced the appointment of Michael Durr from Morgan Stanley as global head of central bank rates sales. The German bank is said to be growing its rates business and allegedly spent some time trying to persuade Arnold to stay.
The fact that the exits are allegedly to UBS suggests the Swiss bank is building its FICC business as expected, despite the bank’s protestations that headcount would remain
largely static.
UBS didn’t immediately return a call asking for comment.
Probably not just about bonus, overall DB(at least the team I used to work in ) is one of the worst (if not the worst of the worst) places to work for.
I have worked in DB for 2 years, biggest nightmare ever and left it last year end, I did not ever care about my bonus.
To second the views of James, to work at DB is an excruitiating experience.
The Back Office culture is heavy on ‘sucking up’ and light on intellegence. VP’s seem to think that shouting is the best way to achieve performance from their staff. The politics in this place is mind blowing. I have yet to meet one person, within the Back/Middle Office, that enjoys their role.
When I left DB I received replies of “well done” from my fellow colleagues: enough said!
NB spelling – “Intelligence”
Sounds like any other investment bank to me
Ex UBS banker:
Nota Bene: it’s “N.B.” not NB. Fix up!
stop being so pedantic, anyone can copy and paste their comment into word before they post it up! Kevin was my manager during my internship at DB he wouldn’t have left just because of the ‘below market’ bonus- there must have been other factors in play.
From my experience no one has any respect for back office roles and back office staffs are less likely to tell people exactly what they do within a bank because they’re embarrassed – whereas traders are proud to shout what they do from the roof tops!!
well pointed out “GrammerGuru” (sic) …