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NatWest has lost two of its high yield trading team to UBS

NatWest Markets might need some new high yield credit traders. Malcom Stewart and Carlo Armillis have left the bank. They’ll both be joining UBS.

Stewart joined NatWest nearly four years ago from ING. He started his career at Crédit Agricole in London. Armillis, meanwhile, has spent his entire career at NatWest, which he joined at the same time as Stewart after graduating at Warwick.

Another trader, Jake Hadji, also left the bank. Hadji was a NatWest lifer and bond trader on the AT1 desk, having joined the bank in 2018, also from Warwick University. It isn't clear yet where he’ll be heading.

NatWest and UBS both declined to comment.

NatWest’s traders had an exceptionally strong 2022 – even receiving an alleged 30% pay rise for their efforts. Nonetheless, its traders have left for both Deutsche Bank and BlueCrest this year. Morale is said to be low.

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AUTHORZeno Toulon

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