A Deutsche Bank trader, based in New York, is to join a hedge fund led by Hope Pascucci, former head of the German’s bank fixed-income division, in the first top departure revealed since the bank announced job cuts last week.

Stephen Murphy, Deutsche Bank’s head of high-grade flow trading, is to join Rose Grove Capital, the Boston-based hedge fund founded by Hope’s husband Mike Pascucci, a former head of European credit at Merrill Lynch, and Jeff Chandler, Merrill’s former head of global debt syndicate.