It was a mixed first quarter for banks' credit trading businesses. While JPMorgan, Morgan Stanley, UBS, Credit Suisse and Deutsche all reported strong credit trading results, others like Bank of America and Goldman Sachs said Q1 credit trading revenues were poor.
The discrepancy between banks' performance might explain why financials credit traders in particular seem to be on the move. In recent weeks, several have jumped from various different banks.
They include: Tahir Aslam, the former head of financials and sovereigns credit trading at Societe Generale Corporate and Investment Banking, who is no longer at his desk.
They include: Jonas Klink, a director of financials and insurance trading at Barclays, who only joined (from Santander in Madrid) in August 2018.
They include: Axel Bleymann, a veteran sterling bond trader who joined Jefferies from RBS in 2016, but has now moved on again.
And they include Siddhi Mittal, a VP in credit trading at Barclays who left in March and is now running an affordable personal chef platform called yhangry.
The reason for the moves isn't clear. Nor are the traders' intended destinations. However, the exits suggest that the London hiring merry-go-round is rotating and that London credit trading jobs are in play. One move usually begets another, which begets another.
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