A load of macro people are swapping jobs in Wall Street banks and maybe this man started it
Macro people are falling into and out of hedge funds. They are also cycling between banks in New York.
Headhunters point to at least eight senior macro moves between banks in recent months, most of which appear to be the result of musical chairs.
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Opinions vary on who went first. Some say it was Chris McNulty, who left Deutsche Bank in September and has now arrived at Bank of America, where he is head of rates swaps.
Around the time McNulty arrived at BofA, Ammar Ahmed left the American bank to become head of rates swaps at BNP Paribas, which he officially joined in October. Michael Martini, BNP's incumbent US head of rates swaps then left BNP's US business at the end of October according to his FINRA registration. Martini didn't respond to a request to comment.
If it wasn't McNulty, some say the saga was set off by Kunal Maini, who left his job running fixed income trading at BNP Paribas for SMBC in July, starting the sequence of moves. As well as hiring Maini, SMBC hired Rutwik Parikh from BNP as its head of dollar swaps. BNP then hired Ahmed in return.
The moves followed Yassine Haddoui's exit from Verition to become BNP's head of US linear rates in August.
Zoe Liu also went from Bank of America to BMO to run US treasury trading. And Jeff Mundy just went from BMO to SMBC to do the same. Sam El Prince left Morgan Stanley in October.
"A lot has happened," said one headhunter. "It's been a round robin," said another. Whether it began with Bank of America or BNP Paribas is a moot point.
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