Do you remember Deutsche Bank's Richard Herman? The 44 year-old was global head of fixed income, currencies and commodities trading at Deutsche until he quit the bank in May. Back then, Herman declared that he was leaving voluntarily to 'walk the earth'. At a rate of 20 miles a day, he should now be somewhere in the vicinity of Southern Mexico.
In fact, Herman doesn't seem to have gone far at all. His LinkedIn profile suggests he's still in New York. Nor is he 'walking the earth' metaphorically and exploring his options outside finance: he's set up a hedge fund.
Herman's hedge fund is called Montrock48 and is focused on macro strategies. He's founded it with Lou Jaffe, Deutsche's former head of fixed income sales for the Americas, who left the bank after more than 20 years in June.
Herman and Jaffe are making a gamble: 2015 has been a bad year for macro hedge funds, with several funds closing down. Deutsche's US fixed income staff do at least have other options now though - if they don't like John Cryan's new strategy they can always try and get in with former colleagues.