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Morgan Stanley hired a Deutsche Bank trader to run GBP rates trading

Morgan Stanley may not want to be in the top one or two investment banks, and it may have a few problems with costs, but it's still hiring, and was doing so late last year when buying out bonuses is the norm.

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In the run-up to Christmas, Morgan Stanley recruited Nick Hall to run GBP rates trading in London. Hall came from Deutsche Bank, and previously worked for both Goldman Sachs and NatWest. His migration has not previously been reported.

As we noted yesterday, Deutsche Bank's rates team has experienced a rush of exits in the past six months, of which Hall - and Alessandro Iannelli, who's gone to NatWest, are merely the latest.

Deutsche Bank and Morgan Stanley have a history of swapping rates traders in London. Deutsche hired Josh Hooker from Morgan Stanley in 2019 and Ben Black in 2021. Hooker has since gone to BlueCrest. As far as we know, Black is still there. 

Deutsche Bank CFO James Von Moltke intimated yesterday that bonuses may be constrained at Deutsche this year. Deutsche Bank traders seem to think this applies to investment banking rather than trading bonuses. They may be unpleasantly surprised. 

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AUTHORSarah Butcher Global Editor

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