Armin Rothauser, former credit trader at Commerzbank Securities in New York, has joined Morgan Stanley as a credit derivatives trader while former colleague Marc Drozdz, also a credit default swap trader, has taken a similar position at Crédit Agricole Indosuez in London.
At Morgan Stanley, Rothauser, who declined comment, reports to Michael Pohly, managing director and head of credit derivatives trading, who did not return calls. It could not be determined whether he has filled a new seat. Drozdz reports to Thomas Spitz, head of the desk at CAI.
Commerzbank has started to plug the holes left by departing employees. Paul Shottes, credit derivatives trader at Wachovia Securities in Charlotte, has joined in a similar role. Shottes reports to Carmine Urciuoli, head of credit trading and investment grade syndication at Commerzbank. Drozdz and Rothauser also reported to Urciuoli, who did not return calls.