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Derivatives

Deutsche Bank Loses Five From London Credit

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Deutsche Bank has lost a raft of credit derivative officials with five traders and structurers quitting the London office in the past week.

Deutsche Bank has lost a raft of credit derivative officials with five traders and structurers quitting the London office in the past week. Three are off to Merrill Lynch and the others are said to be exiting the industry. The group is co-headed by Antonio Di Flumeri, who declined comment, and Bertrand des Pallieres, who could not be reached by press time. Stephanie Smart, spokeswoman at Deutsche Bank, declined comment.

John Young, a director in the structured credit trading group has jumped to Merrill, and credit officials say he will be joined at the firm by Roman Kogan, an associate in structuring, and Kwee Tee Lim, a v.p. in correlation trading, who have also resigned from the German firm.

Young, contacted on his cell, referred calls to the Merrill press office where Alex Walker, spokeswoman, declined comment on all three hires. Kogan and Lim could not be reached and it could not immediately be determined what the trio's new roles would be, or who they would report to.

The staffers follow in the footsteps of Paul Levy, co-head of credit structuring at Deutsche Bank, who quit to join the U.S. house last week (DW, 2/20), but officials said the moves were unconnected to his departure.

In addition, Jon Ormond and Lennard Zwart, also officials in the structured credit trading group, are reported to have resigned to leave the industry for unconnected reasons. None of them could be reached by press time.

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