In May, Raj Shourie resigned from his post of head of Barclays Financial Institutions Group to go on extended 'gardening leave.' Presumably bored with attending to his daffodils and rhododendrons, Shourie will shortly assume the role as head of ex-Japan Asia securitization at Deutsche Bank.

Since rumours of his new job began to circulate, some market participants wondered what the incumbent head Don Tang would do. Up until that point Tang had been Deutsche's regional securitization head and it was not certain whether he would be working under Shourie or move on to pastures new.

Tang decided on the latter option, and is now working in the FIG group for guess which bank? Barclays Capital, funnily enough, where he has been appointed associate director of FIG, reporting to George Koo, the man who replaced Shourie.