After a challenging first quarter in which Deutsche Bank said revenues in its rates business were "significantly lower" than one year previously, sources say the German bank is parting company with two senior salespeople in its rates business.
Itay Desau, Deutsche's head of hedge fund rates sales in Europe, is understood to be leaving the bank this week, along with Michael Durr, global head of central bank rates sales.
Deutsche declined to comment. Both men remain on Deutsche's system, but were unavailable when we called.
It's unclear whether the two men have retired, been poached by rivals, or left as part of Deutsche's ongoing cost-cutting programme.
Deutsche hired Durr from Morgan Stanley in 2010 and Desau was a "battlefield promotion" after Deutsche's former head of EMEA hedge fund sales - Nohshad Shah, left for Goldman last August.
Deutsche's rates business had an excellent 2015: the bank said it doubled revenues in the area last year. Since then, things appear to have gone downhill and senior staff have been moving on. Chris Yoshida, Deutsche's former global head of rates sales, left in February. Regis Zarka, the former head of European real money sales, left last November.
Yoshida already found a new job as a director of a Swiss digital currency exchange. Deutsche has also hired a handful of rates traders from rival banks.