Deutsche Bank has hired Steve Beck, executive v.p. at Vertical Crossing, a structured products broker, in New York, to sell mortgage derivatives, according Jon Kinol, managing director of North American over-the-counter derivatives in New York. Beck was hired as a director to fill a new position on the cross-rates sales team. He starts Monday and will report toMal Brooks, head of cross-rate sales in New York. Deutsche Bank launched the cross-rates desk in late August (DW, 8/26). The desk trades and sells packages of risks made up of swaps, mortgages, agencies and government bonds.
Prior to joining VCross last summer Beck was at Nomura Securities where he was co-head of the mortgage-backed securities department.
Patrick Downes, ceo at VCross in New York, said Beck will remain as an advisor to the board and has already been replaced. He declined to name Beck's replacement.
