Deutsche Bank has recruited a Goldman Sachs managing director (MD) as its own MDs keep leaving for elsewhere.
Tareq Islam, a veteran fixed sales person working across rates, emerging markets and credit has just joined Deutsche as an MD in the London office. He previously spent 10 years with Goldman Sachs and 14.5 years with UBS.
Islam's arrival comes as Deutsche's credit sales and trading business was ranked first globally (jointly with BAML and Goldman) by Coalition in the first half of 2018. It also comes as Deutsche Bank continues to see senior bankers from other businesses leaving for peers - including those whom it promoted to MD only six months ago.
The latest exits include: Tom Adlard, MD, equity structuring and quantitative investment solutions; Keiry Tuttle, an MD handling structured derivative solutions for investment grade and high yield companies and Nicolas Skaff, MD, and head of CEEMA equity capital markets.
Adlard, who spent the last eight years at DB and was promoted to MD in March 2018, joined Morgan Stanley in London as an MD in financial engineering and structuring. Tuttle, who was also made an MD earlier this year, moved to Barclays in New York. Meanwhile, Skaff, whose exit was previously reported by Financial News, and who was named as one of the investment bankers in 40-under-40 list 2018 by Financial News, joined JP Morgan as an MD in London. He too was promoted to MD in March 2018. It's not exactly a vote of confidence in DB's future.
Separately, Goldman (which has also been losing recently promoted MDs of its own) is still boosting its systematic trading business. The U.S. firm hired a quantitative strategist from J. P. Morgan in London. Fei Shi joined Goldman as an executive director last month and will be handling systematic trading strategies. Shi was a vice president for the Model Risk and Development Group (MRaD) at JPM. Goldman also hired Desi Ivanova, a junior quant researcher from UBS. Ivanova joined the systematic trading strategies group too.
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