SMBC is making some big macro hires in NYC and promoting to MD in the process

If you're looking for a new macro trading job in New York, SMBC may be a good place upon which to cast your eyes. It's hired at least two big macro traders there this month and there are rumours of one more in the pipeline.

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SMBC's latest recruit, Shrikar Shah, joins from Morgan Stanley as head of interest rates structured trading. Shah spent nearly 17 years at Morgan Stanley and was an executive director there. He joins SMBC as a managing director (MD) and has combined his new job with a promotion.

Shah's boss at SMBC is Gagan Sobti. He also joined this month, arriving from Bank of America, where he was head of USD interest rates volatility. At SMBC, Sobti is head of all macro rates trading.

There are multiple unconfirmed rumours that SMBC has another big hire from a European bank in the pipeline, but he is thought to be working his notice period.

SMBC's US markets business is run by Masahito Nonaka, a Japanese bond salesman who joined Nikko Securities in Tokyo in 1993 and who has occupied his current role since 2024.

Last month, there were suggestions that SMBC might mount a takeover of Jefferies. However, they appear to have been premature.

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