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Senior commodities duo exit Deutsche Bank

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Evan Morris, a managing director in Deutsche Bank’s structuring team, has left the bank after more than 10 years.

Morris, who was formerly head of asset liability management structuring at Deutsche but more recently focused on commodities structuring, left earlier this month, according to sources close to the situation. His next move is not yet known.

Deutsche Bank declined to comment.

Morris appears to be the latest senior exit at Deutsche Bank as it continues to wind down its commodities business after announcing plans to quit trading in most raw-materials markets in December last year.

Jason Kay, the former head of base metals trading at Bank of America Merrill Lynch who joined Deutsche Bank in September last year, also left the bank at the end of June, according to the Financial Conduct Authority register.

Deutsche Bank said in December that it would stop trading energy, agriculture, base metals, coal and iron ore, while sticking with precious metals and some derivatives trading.

Separately, another managing director to exit Deutsche Bank in recent weeks is Massimo Ruggieri, who focused on securitisation for the Italian market. He left in June after eight years at the bank, having joined from UBS in May 2006.

The bank has been indulging in some recruitment at the senior end of the market, however. Michael Rurik Halaby, a former managing director within BNP Paribas’ debt capital markets team in New York and latterly principal at boutique operation Valais Advisory, joined in May as a director on Deutsche Bank’s structured finance team.

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