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Deutsche Bank faces exodus of rates traders to hedge funds and trading firms

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Deutsche Bank’s rates trading team in London faces a new wave of traders exiting the firm to hedge funds and trading firms, a trend starting earlier this year with senior departures, according to a report by eFinancialCareers.   

eFinancialCareers’s sources have indicated that at least four vice president-level rates traders have recently resigned from the German bank. In London, short-term interest rate trader Shay Iqbal has joined Citadel Securities as it expands its rates team, while sterling rates trader George Maxted has moved to multi-strategy hedge fund Verition Fund Management. In New York, dollar STIR trader Tisa Segovic has joined trading firm DRW, while junior trader Daniel Charnis’s next destination remains undisclosed. 

These exits come at a challenging time for Deutsche Bank, which has been warning of declining revenues in its fixed income sales and trading division this quarter. This follows several high-profile hires in its rates business including Pedro Goldbaum, former co-head of rates trading at Citi, who joined in New York in February, and James Trew, who also left Citi to lead sterling rates sales in London last month. 

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