In perfect finance 'career arc' terms, moving to a big portfolio management job in a hedge fund after years as a sell-side trader is a one-way ticket. However, Mark Deniston, who left his job as head of sterling rates swaps at Goldman Sachs to join Brevan Howard in 2013, has returned to banking. But Deniston, who left Brevan in August last year, is now working at Royal Bank of Scotland. Deniston is a managing director and head of GBP rates trading at RBS. The bank has, of course, been consistently scaling down its investment bank and continues to cut heads and move away from risky activities. If Deniston's move from Goldman to Brevan and then RBS therefore seems like a bit of come down, it's worth remembering that RBS's rates trading team is one of the best in the business.