Didier Chapet, head of rates sales for EMEA at Royal Bank of Scotland left the bank this month, according to sources close to the situation.
Chapet is the latest in a line of senior departures from RBS’s fixed income division, which was highlighted as a core area of focus by the bank’s co-chief executive officers of markets, Peter Nielson and Suneel Kamlini. It also follows the exit of Sian Hurrell, head of sales for EMEA, who was integral to building RBS’s rates sales business.
Chapet is a long-standing member of RBS’s investment bank, having joined as a member of the European bond sales team with a focus on French-speaking Europe in 2001. He came from Deutsche Bank, where he was a managing director responsible for fixed income sales for French institutional investors.
His next move has yet to be determined, but a number of RBS’s rates team have joined Nomura over the past three years following the move of its star rates trader, Steve Ashley, in 2010.
RBS has been something of a revolving door for senior investment bankers, having announced plans to cut thousands of jobs and exit equities, M&A, equity derivatives and structured retail products.
Its rates business, though, has performed relatively well in difficult conditions. Revenues in its fixed income currencies and commodities business fell by 21% to £1.07bn in the second quarter, but this was a smaller drop than any other investment bank aside from J.P. Morgan.
What’s more, Nielson and Kamlani said in a memo to employees that the markets division would: “focus on its core fixed income product strengths across rates, currencies, asset-backed products and credit and debt capital markets”.
In recent months, Ian Hale, deputy head of inflation trading at RBS, quit to join Citi, Mark Olsen, head of high yield research left for Morgan Stanley, while Mark Webster, the former head of FX sales EMEA and global head of FX sales for financial institutions, joined Standard Chartered, according to Financial News.
RBS declined to comment.