Rates traders aren’t having a bad year in London, which means that if you happen to be one, you might be inclined to hang around to collect your bonus. And yet, at both BNP Paribas and Standard Chartered, senior traders are leaving.
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Francois Puget, the head of G10 rates trading at BNP Paribas, announced today that he is leaving the French bank after 29 years. Bruno Lettich, the head of global rates and macro portfolio management at Standard Chartered (and the bank’s former head of global rates trading), announced yesterday that he is leaving after 14.
Neither man responded to a request to comment for this article. Neither man appears to be retiring. Lettich is understood to be spending some time with his family until the New Year. Puget wrote on LinkedIn that he will stay in touch as “the next chapter unfolds.” It’s thought he may have a new job to go to.
Both banks have a healthy bench of people to replace the missing men. At BNP Paribas there are suspicions that Anis Masmoudi, the head of euroswaps trading might step up. At Standard Chartered, John Newman arrived from UBS as head of global FX and rates trading in April and seems to have been shaking up the team.
Elsewhere, banks are hiring. BBVA has launched a new London STIR trading desk under Madrid-based global head of rates Inigo Delclaux and London-based rates trader Enrique Moanack, who was hired from JPMorgan in May. Moanack is building a team.
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