Peter Schellbach, a director in Deutsche Bank's special situations group, has left the firm to join Goldman Sachs. Schellbach will join Goldman as a v.p. and trader of distressed and crossover loans. At Goldman, Schellbach will report to Mark DeNatale, v.p. and senior loan trader. Officials at Deutsche Bank and Goldman declined to comment.
Until recently, Schellbach had been a Deutsche Bank distressed loan trader on the special situations desk, but was shifted to a sales position about a month ago. As part of the sales team he covered both bank debt and bonds. Scott Martin, formerly a director in sales, took Schellbach's trading spot. The reason for the change could not be determined. "The truth is that he just wanted to trade," said one market player, regarding Schellbach's departure.