London Whale quant now working for Deutsche
Former top quant at JP Morgan's CIO, Patrick Hagan, now consulting on pricing models at Deutsche Bank
Deutsche Bank has hired the quant behind the retooled value-at-risk model used to disguise exposure at JP Morgan's chief investment office (CIO) last year. The unit went on to lose an estimated $6 billion during 2012, as a result of positions built up by a trader dubbed the "London Whale".
Patrick Hagan, also known as one of the inventors of the stochastic alpha beta rho (SABR) model that is the benchmark for interest rate derivatives, has a short-term contract in the London-based quant team, a
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