A Canadian bank in London is quietly building its rates team with some big hires
Away from JPMorgan, macro traders are having a tough third quarter in both banks and funds. There are sign that some market participants are using this to add dissatisfied talent.
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Bank of Montreal (BMO) is among those quietly building. The Canadian bank quietly added Benjamin Storey, a trading veteran and the former head of rates sales at Bank of America in late July. Now we understand that it's also hired Fred Goulipian, the head of euroswaps trading at Natixis.
Goulipian didn't respond to a request to comment for this article. BMO declined to comment.
The European macro market has been short of talent for the past few years after an exodus of people to hedge funds. With some macro funds and pods now doing badly, there's always a possibility that some of these people might come back again. Samuele Grosso, for example, left HSBC for Taula Capital in Milan, before turning to banking to work with his old boss at BofA.
Bank of America, Goldman Sachs and Nomura have all indicated that third quarter rates revenues in particular have been soft. JPMorgan, however, declared earlier this month that there had been "broad based" strength across its fixed income sales and trading business since July.
JPMorgan parted company with Pierre Morel, its former global co-head of macro credit trading in September 2025. Morel has recently arrived at RedHedge Asset Management in London, where he, too, appears to be hiring.
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