Steve Snizek, co-head of trading at Deutsche Bank, is returning to London after about a year-and-a-half on the New York desk. Snizek had led the bank's trading effort in London before he moved to the states and he will return to that desk as a salesman. His last day in New York was Tuesday. It could not be determined why Snizek was leaving the co-head role in New York to work as a salesman in London, but sources said he had been looking to move his family back across the Atlantic. At the same time, Deutsche Bank is looking to bolster its resources in Europe because that market is continuing to grow. Dan Toscano, managing director and group head, did not comment by press time. Snizek could not be reached for comment.
Since moving back to New York, Snizek and Anthony Lo Grippo, Snizek's co-head, helped Deutsche Bank's par trading desk jump from sixth in the Loan Market Week's Best Trading Desk Survey in 2004 to second place this year. The tag-team approach that Snizek and LoGrippo brought to the desk was hailed as the main reason it was the market's Most Improved Par desk. "Tony and Steve did a great job," one investor said. "Frankly, we were a little shocked... he's a smart guy and a loss to the desk there." The bank started telling its customers about Snizek's move about two months ago.
Snizek's successor has not been named, but the bank has been looking both internally and externally and has identified a group of candidates. The position should be filled within the next few weeks. The bank is not leaving the two-person platform, which allowed it to delve deeper into trading sectors, the source said.
Deutsche Bank often rotates its staff, most recently sending Nick Jansa, director, to the London desk in September to structure/originate deals. Matt Vincequerra moved to the London desk in May to be a par salesman (CIN, 5/5).