Chris Yoshida, global head of rates distribution at Deutsche Bank, is understood to be in the process of negotiating an exit from the German bank.
Yoshida, who’s based in New York, joined Deutsche from Morgan Stanley in mid-2014 as Deutsche sought to increase market share and build relationships with rates clients in the US. His exit less than 20 months later suggests Deutsche’s US rates aspirations may not be going to plan.
Yoshida’s departure comes even though Deutsche says it still wants to grow its markets business and after the bank said its rates revenues doubled in 2015.
Deutsche declined to comment on Yoshida’s exit. Business Insider reported earlier that the bank is cutting another 75 fixed income jobs in London and New York. It’s not clear whether Yoshida is one of this number, or whether he’s leaving voluntarily.
Fixed income headhunters in London say Deutsche is targeting senior staff for its cuts and that many of them are seeking to wind redundancy packages in with bonus payments for 2015, which have been delayed and are due to be announced around March 2nd.
“In some ways, it makes sense to negotiate an exit,” says a senior headhunter at one international search firm, speaking on condition of anonymity. “All these senior guys have a hell of a lot of stock and no one else wants to buy it out, so they can’t get hired. If they’re made redundant or negotiate their way out, they get to leave with all their stock and can find a new job much more easily.”
Another fixed income headhunter, also speaking anonymously, said most senior bankers are happy to stay where they are though: “Who wants to leave now when no one’s hiring and salaries are so high? You can just sit there clipping your coupon and doing sweet FA. It’s all the regulator’s fault.”