Ex-Citadel Securities trader who left UBS after bonuses has emerged at Deutsche Bank
It's not too common for a trader in an electronic trading giant like Citadel Securities to move to an investment bank trading desk but, last year, Kyriakos Manolis did just that. He seems to be in high demand as, just ten months later, he has emerged in a senior role at another bank
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Manolis, who previously spent three years at Citadel Securities has joined Deutsche Bank as it the head of its USD rates trading desk in London. He spent the last ten months with UBS, where he was EMEA head of USD rates trading; we reported his departure (as one of many on its rates desk following bonus day) in January. Manolis was still registered with UBS on the FCA until March 17th, however, joining Deutsche the following week.
Deutsche Bank has been raising its pay ceiling for material risk takers (MRTs) to try and compete for top talent. In its 2025 annual report, the bank revealed that MRT pay was up ~60% to €1.8m ($2.1). The two highest paid people in Deutsche Bank's investment bank earned between €10m and €11m last year.
As a whole, though, banks pay their people far less on average than electronic trading firms; Citadel Securities paid an average of over $2m globally last year. Its most recent accounts in the UK (for 2024) showed an average pay of $750k (excluding deffered compensation) but front office staff made up roughly one fifth of total headcount, so the numbers may be skewed.
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