The game of musical chairs between Goldman Sachs and Deutsche Bank continues - and this time Goldman has done the poaching. It's continued its recent habit of parachuting in senior sales staff to revive its fixed income business and has just hired Robert Wade, the former global of electronic FX sales at Deutsche Bank.
Wade landed at Goldman earlier this month as a managing director and joins the U.S. investment bank at a time of expansion for its sales functions. Harvey Schwartz, its former CFO and current COO, said in a September presentation that the bank planned to grow fixed income revenues by $1bn over the next three years and that hiring new people - particularly in sales - had been a priority throughout 2017.
Wade led a team of sales professionals at Deutsche Bank, but also covered corporate and institutional clients. Goldman Sachs, which still relies on hedge funds and asset management clients for 51% of its sales within its fixed income division, has said that it wants to capture a bigger slice of the corporate market across its FICC business.
Wade relocated from New York to London when he joined Deutsche Bank in 2010 to take the newly-created position of corporate electronic foreign exchange sales in Europe, the Middle East and Africa (EMEA) and North America. Up until then, he was a director and head of strategic initiatives within Citigroup's Wall Street office.
Wade is the latest managing director to move between Deutsche and Goldman's markets businesses in the past few months. Marcelo Pizzimbono, the former head of prime brokerage sales for the Americas at Deutsche, left in October to return to Goldman Sachs in a senior equity sales role. Pizzimbono has previously spent 10 years at Goldman, where he was latterly a managing director and head of New York research sales, but left for Deutsche in 2010.
But Deutsche has also been making significant investment into its markets business and Goldman Sachs has been a prime target. Paul Huchro, a former Goldman Sachs partner and head of US credit trading, joined in October as global head of investment grade credit trading. Deutsche said at the time that it has made 40 new hires this year across investment grade bond sales, trading and research. In late November, it named Peter Selman, a former Goldman Sachs partner and co-head of global equities trading and execution services in New York, as the new head of its equities business.
As well as his role at Deutsche Bank, Wade is the co-founder of tech start-up Grüper, an app that aims to boost productivity through social media.
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