Deutsche Bank AG lost two senior traders on the emerging markets and foreign-exchange teams in London last month, adding to a series of departures as the bank reviews its strategy, said a person with knowledge of the matter.
Jonathan Pope, who traded currencies including the South African rand, and Michael Ford, who specialized in the euro, both left Deutsche Bank, said the person, who asked not to be identified because the matter is private. Pope left the bank in March, according to Financial Conduct Authority records.
The departures add to more than a dozen employees in fixed income who have left Deutsche Bank in the past six months before a strategy review to be announced by June. The German lender is considering options including cutting its trading businesses to boost earnings, a person familiar said last month.
Charlie Olivier, a spokesman for Deutsche Bank in London, declined to comment on the most recent departures. Pope didn’t respond to messages seeking comment. Ford wasn’t available.
Pope is said to join JPMorgan Chase & Co., according to a different person familiar with the matter. Pope and Ford were directors at Deutsche Bank, one rank below managing director.
The bank already stopped trading most credit default swaps in November and cut the balance sheet of its investment banking unit by 16 percent to 1.2 trillion euros ($1.3 trillion) in the two years through December, company filings show.
With lenders across Europe facing tougher scrutiny of their trading businesses and pay, bankers have also been seeking to join less regulated industries.
Caxton Associates, the hedge fund firm co-founded by billionaire Bruce Kovner, hired Junaid Mohammad, who traded Deutsche Bank’s algorithm for its electronic currency platform. Caxton earlier also recruited Trevor Dinmore, a former senior foreign exchange trader at Deutsche Bank.
“People are tired of regulation, working hard, and not being paid,” said Jason Kennedy, chief executive officer of London-based recruitment firm Kennedy Group. “If a senior trader makes money for a bank, he won’t get compensated. If he loses some, he will get fired.”
Deutsche Bank has also added staff at its securities unit, with Sam Wisnia joining in October to become head of European rates trading and head of fixed-income structuring, while Kemal Askar was hired in December to run European flow rates trading, according to an e-mailed statement.
“Our staff turnover rate is in line with previous years and the industry average,” Olivier said in the statement. “We continue to attract key talent across the industry.”