Deutsche Bank has lost another member of its corporate bond research group with the resignation of Peter Mullen, who was a v.p. covering the retail and consumer products sectors. A former colleague says he has joined Westmoreland Capital, a New York-based hedge fund, and has not yet been replaced at Deutsche Bank. Mullen could not be reached, and David Folkerts-Landau, the firm's head of markets research based in London, did not return calls.
Mullen is the third senior member of Deutsche Bank's U.S. investment-grade research team to leave. Earlier this year the bank dismissed its two co-heads of the group, Paul Tice and Mark Girolamo (BW, 2/3). Louise Purtle, the firm's former corporate bond strategist, and Ed Oppedisano, its former telecom analyst, also left ahead of Mullen (BW, 2/24, 4/11).
An analyst close to Mullen says he resigned in part due to recent controversial decisions by management, which had hurt morale (BW, 2/3, 2/17, 4/28). He also reportedly assumed that his future prospects in the group would be diminished under new investment-grade head Marion Boucher Soper, who was expected to join the firm last week.
Mullen joined Deutsche Bank from Lehman Brothers, where he was as a portfolio and corporate bond strategist, in 1997. He has also worked as an economist and a quantitative analyst.