NatWest Markets (formerly known as RBS) needs some new rates traders. Back in July, it lost three key members of its European rates team to Nomura. Ever since, it's been quietly fishing for replacements.
The latest new arrival is a former euro swaps professional from Credit Suisse. Marco Rossi joined NatWest Capital Markets last month after five years on the euro rates swaps desk at Credit Suisse. He's a vice president (VP) on the same desk at NatWest.
NatWest's other recent hires include Juliette Jestin-Knapp, a former inflation trader at Bank of America Merrill Lynch, and Vladimir Piterbarg, a former quant from Rokos Capital Markets. None of the new hires seem quite as senior as the three who left (who included former head of desk James Konrad). Additional hires are said to be in the pipeline. "They're in a process of growth and upgrading," says one headhunter who works for NatWest, adding that more new joiners are expected before the year-end.
Some headhunters have argued that NatWest is offering generous pay rises to attract its new rates talent. Others say the British bank has a "robust process" and will rarely offer a pay increase in excess of 20% to get someone on board.
U.S. banks' rates desks appear to have had a mixed performance in the third quarter. Goldman Sachs said rates revenues were "significantly lower" for example and Morgan Stanley said rates revenues declined, while Citi's rates desk had a strong quarter.
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