UBS's new head of rates trading comes from Bank of America
We're reaching the time of the year when hiring from a rival firm is expensive because nearly a full year's bonus needs to be bought out. But if you hired someone three months ago and they're only just joining after three months' gardening leave, that's understandable.
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UBS's new French head of EMEA rates vol trading has had a summer on the beach. Jérôme Etienne didn't respond to a request to comment for this article, but the FCA Register says he officially left Bank of America on July 29th. He joined UBS on the 20th October and was registered as a manager of certificated employees on Monday this week.
Etienne is one of several senior rates traders to appear in new roles. Paul Bjurstrom has just joined Standard Chartered from NatWest as global head of G10 rates trading. Nomura hired Rajiv Shah, the former head of GBP swaps trading at BNP Paribas, and then lost Kilian Frensch, its head of European interest rate swaps trading.
Rates desks had a good 2024, but market intelligence firm Tricumen says 2025 has been less promising, with revenues per head falling 15% year-on-year in the first nine months on rates desks. Headhunters say the pursuit of talented traders in the area tends to be perpetually robust because everyone keeps leaving for hedge funds.
Etienne himself left banking for a hedge fund earlier in his career. Unfortunately, that fund was Eisler Capital, where he worked for three years before returning to the security of a bank.
UBS declined to comment.
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