Japanese bank said to poach trading team for "huge premium"
Coalition Greenwich says credit trading revenues are at their lowest level for a decade, but credit traders are still being offered large inducements to change jobs.
MUFG is understood to have lost a team of six credit traders in the past week. It's thought that they're joining rival Japanese house, Sumitomo Mitsui Banking Corporation (SMBC).
The exits include MUFG's former global head of credit trading Steve Feinberg, who left the bank on September 29th according to his FINRA profile. Exiting with Feinberg were: Raymond Pesanello and Colin Campbell, both investment grade credit traders; Daniel Volpi, a credit research analyst; Josh Deitch in leveraged finance sales. Mike Curreri, a fixed income COO is also understood to have gone. FINRA shows all but Curreri leaving on the 29th.
It's thought that the team were lured to SMBC by the offer of a large uplift in pay. SMBC didn't respond to a request to comment. The Japanese bank is also thought to have hired Sameer Shah from RBC.
It's unusual for such a large team move to take place late in the year as bonuses approach. However, Japanese banks typically pay bonuses later than Americans and Europeans (SMBC's year end is in March, for example), meaning that they often hire on a different cycle.
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