Deutsche Bank has hired Tim Cassidy, an interest-rate derivatives salesman at Merrill Lynch in New York, in a similar position for the firm's newly created cross-rates desk (DW, 8/26). Cassidy, who joined Deutsche Bank about two weeks ago, reports to Mal Brooks, head of cross-rate sales. "Deutsche Bank is really strong in derivatives and it's making a big push in the U.S. This new cross-rates desk gives the whole package that smarter customers are looking for," Cassidy said. Deutsche Bank launched the cross-rate desk in late August. The desk trades packages of risks made up of swaps, mortgages, agencies and government bonds. Brookes did not return calls.
Cassidy replaces Josh Gonnella, who is being transferred to the firm's London office. While at Merrill Lynch, Cassidy reported to Munir Dauhajre, head of cross-product sales. Dauhajre did not return calls. Gonnella could not be reached by press time.
