Deutsche Bank returnee arrives at awkward moment

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Now seems a strange time to arrive for a new job as a senior person in Deutsche Bank's London rates trading business. After all, it was only last week that DB parted company with the likes of David Cross and Igino Napoli, its head of linear rates trading in Europe and head of the sovereign, supranational and agency (SSA) trading desk. And it was only two months ago that Deutsche Bank CEO Christian Sewing made a presentation outlining his plans to "resize" rates trading at DB.

This is the week, however, that Campbell 'Cam' Gilbert, the former head of linear rates derivative trading at Mizuho, is returning to Deutsche. Gilbert spent 15 years at Deutsche Bank until 2015, where he was latterly co-head of EMEA linear rates trading with Cross. The two former colleagues nearly passed in the reception. 

Why is Gilbert arriving at DB now? And why join a rates business that's wilfully shrinking? The answer to both may well be that Gilbert signed up to DB in June, before Sewing outlined his new strategy. Notably, though, Gilbert isn't taking his exact old job back and won't be occupying the seat that's still warm from Cross - he's going to be head of dollar swaps trading instead.

Deutsche Bank declined to comment.

In other cheerful Deutsche Bank news, Stuart Adamson, who was head of strats for Deutsche's quantitative investing unit, has just got a new job at UBS, where he will be an executive director. UBS is also cutting costs, but cuts are likely to be most severe in the investment banking division where UBS's bankers generate comparatively low revenues per head compared to the industry average.  

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