It sounds like Deutsche Bank’s head of CDS trading and e-trading, Sean George, is going to lead a new derivatives trading initiative at Jeffries and Co, a relatively small bank compared to Deutsche Bank.
Here’s some background on the hire from the Wall Street Journal.
Note how rare it is for someone senior to move from a big bank like Deutsche to Jeffries.
From the WSJ:
George would be the firm’s first addition in credit derivatives trading, according to one of the people who knew about his hire.
Another said his background in corporate bonds would facilitate a gradual transition into credit default swaps–derivatives that function like insurance on bonds.
And this is interesting. Someone told the Wall Street Journal that “It’s an interesting move because Jefferies must have thrown the kitchen sink at him to get him to come over.”
UPDATE: Maybe this is why he left: We are told that a number of people are leaving Deutsche after disappointing bonus news.
Of course, we haven’t spoken to him so that’s pure speculation.
Jeffries might have well thrown the sink at him. He was the head of CDS trading and e-trading at Deutsche Bank, and his role at Jeffries will be the second time a new role has been created for him.
The first time was when he left his role as the head of credit derivatives trading for North America at Bank of America, where he spent two and a half years, and took a job at Deutsche Bank in March 2009.
Before Bank of America, George traded corporate credit at UBS and Conseco.
If the bonus speculation is true, at least George isn’t alone in being disappointed. Bonuses were down 8% from last year on Wall Street. The average bonus was $128,530.