An ex-RBS trader has pulled off an exciting and audacious career stunt: leave one well known bank for a far smaller player, hang around there for 20 days, and jump on to a more prestigious U.S. firm.
Financial News reports that Stefan Auerweck, a former government bond trader at RBS, left the British bank in January to join Bank of Nova Scotia in April. He stayed at the Canadian bank for 20 days and then he got another new job, this time at Citigroup.
Auerweck's leap - reminiscent of crazy banking job hopping in the past - is all the more impressive in light of the problems faced by banks' rates trading businesses, which are in danger of losing up to 45% of their revenues and may therefore not be inclined to hire.
In the rates world, Auerweck may have moved down a notch. RBS is a big player in G10 rates, ranking third in 2012 according to research firm Coalition. However, RBS is under pressure from the UK government to take less risk and Financial News says traders are leaving. Bank of Nova Scotia doesn't have a top ranked rates trading business. Citi's US rates business was ranked third last year by Greenwich Associates. By using Nova Scotia as a seeming stepping stone to Citi, Auerweck has also engineered a move into a major U.S. bank whose entire fixed income currencies and commodities business ranks second globally according to Coalition.
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