Deutsche Bank has just brought on board one of the top strats from JPMorgan.
Olivier Moreau, a former JPMorgan managing director and the bank's ex-head of quantitative analytics and data control, has joined Deutsche as the strats lead for the group treasury function.
Moreau is a strats veteran with almost two decades' experience. He began his career in Germany as a rates trader for Commerzbank AZ in 1997 and move to London in 1998.
Moreau began his career in London a senior quantitative analyst at Abbey National and a director of quantitative risk at UBS. He joined JPMorgan as an executive director in 2004 and subsequently moved to Goldman Sachs. Six years later, he returned to JPM where he's been ever since - until he quit for Deutsche.
Deutsche is not the only one eyeing top strats in the industry. Over the past few years, strats have been in a demand across all the major banks.
Strats jobs originated at Goldman Sachs in the mid-1980s and have spread to rival firms. Strats roles involve the use of technology and quantitative techniques to solve problems relating to all areas of banks' businesses. Early last year, strats comprised 27% of Goldman's securities division, up from 18% five years ago. Strats remained a key hiring focus for GS in 2018. Deutsche Bank's strats team, whic was set up by ex-GS strat Sam Wisnia (who quit last year for hedge fund Eisler Capital), is understood to have gone from zero to over 100 over the last four years.
Moreau's decision to jettison JP for DB follows reports that Deutsche Bank's bonuses will be down by up to 20% for 2018, with the pool as a whole down by 10% on the previous year.
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