Introducing UBS’s New Head of EMEA Rates Vol Trading
We’re entering the time of year when hiring talent from rival firms can be costly due to the need to buy out nearly a full year’s bonus. However, hiring someone who has recently completed a period of gardening leave is generally more acceptable.
One notable recent move in the industry is the appointment of Jérôme Etienne as UBS’s new French head of EMEA rates vol trading. According to the FCA Register, Etienne officially departed Bank of America on July 29th and joined UBS on October 20th. He was registered as a manager of certificated employees just this week.
Senior Rates Traders Making Moves
Etienne is just one of several senior rates traders who have transitioned to new roles recently. Paul Bjurstrom has joined Standard Chartered from NatWest as the global head of G10 rates trading. Nomura also made moves by hiring Rajiv Shah, the former head of GBP swaps trading at BNP Paribas, while simultaneously losing Kilian Frensch, its head of European interest rate swaps trading.
Despite a strong performance in 2024, market intelligence firm Tricumen reports that 2025 has been less favorable for rates desks, with revenues per head declining by 15% year-on-year in the first nine months. Headhunters note that the competition for talented traders in this area remains fierce, as many individuals continue to leave for roles in hedge funds.
Interestingly, Etienne himself made a move from banking to a hedge fund earlier in his career, but ultimately returned to the security of a bank after a three-year stint at Eisler Capital.
Conclusion
As the financial industry continues to see movement among senior rates traders, the landscape remains competitive and dynamic. With changes in revenue trends and ongoing talent migration to hedge funds, firms must navigate these challenges to secure top talent and drive success in the market.
For more information on UBS’s new head of rates trading and other industry insights, you can read the original article here.
