Bonuses are paid and London high yield traders are jumping jobs
If you're a London high yield credit trader and are feeling stale, now seems the time to freshen up with a new job. Spring has brought fragrant change to the London high yield job market.
At least five high yield credit traders in the City have moved jobs in the past few months. Some are still in transit.
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They include previously unreported moves, like that of George Teeboon, a director in high yield credit trading at HSBC, who is understood to be enroute to JPMorgan, and Andreas Hopf, a high yield trader at Barclays who's returning to Germany.
At the same time, UBS has hired Robert Laux from Bank of America as the head of its high yield trading team and Bharat Gupta, the former team head is leaving. Barclays has hired Justin Mullem, a junior member of BofA's team (possibly as a replacement for Hopf). Rihan Dewan has moved from Deutsche Bank to Barclays. At the same time, Morgan Stanley has parted company with various members of its broader UK credit team, including Klaus Pattner, who was a high yield and CDS trader at BNP Paribas until he joined the US bank in 2024.
The reason for the sudden rush of moves isn't clear. Bonus payments are clearly the catalyst but there may be more to it. Market intelligence firm Tricumen thinks various banks' credit businesses underperformed last year (see chart below). As spreads tighten and war darkens the horizon, upgrading seems to be underway.
Source: Tricumen
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