Senior Deutsche bond trader disappears after promotion
Daragh McDevitt has disappeared from Deutsche Bank, despite only being promoted in the late summer.
Deutsche Bank declined top comment on McDevitt's whereabouts but it's understood that he may have been put at risk of redundancy as the bank continues to prune its rates trading business. Unusually, given Deutsche's recent tendency to ask traders to work during gardening leave, McDevitt appears to have left the desk immediately.
McDevitt joined Deutsche in 2007 after previously working for ABN AMRO and RBS. He subsequently spent six years as global head of inflation structuring before being made head of the fixed income derivatives group in May 2014.
In August 2019, McDevitt was promoted again to head of Deutsche's European Government Bond (EGB) desk around the time that David Cross (head of the linear rates trading business in Europe) and Mark Deniston (head of EMEA rates trading) left. Deutsche Bank rehired Cam Gilbert from Mizuho to run its rates business in September.
In late October Bloomberg reported that Deutsche was thinking of cutting another 10% of staff from its rates trading business. When the bank reported its third quarter results in early November, CEO Christian Sewing said the bank is reshaping its rates and emerging markets business and that it was already benefitting from 'early momentum' as a result of its efforts.
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