Deutsche Bank has continued the build out of its equities business, following the appointment of new global head Peter Selman in November, by bringing in a new head of equity derivatives for the Americas.
Mark Chen, latterly head of flow equity derivatives at Citigroup, has just joined Deutsche Bank as co-head of equity derivatives for the Americas, according to sources close to the situation. Deutsche Bank declined to comment on the appointment.
Chen will lead Deutsche’s equity derivatives business across the Americas alongside David Silber, who also joined from Citigroup. He was previously a managing director and head of North America execution sales, and officially came on board at Deutsche in June.
Chen is another high profile recruit to help revive the fortunes of Deutsche’s stock trading business, which has suffered nine consecutive quarters of declining revenues. In the first three quarters of 2017, it made €1.75bn in equities revenue, an 18% decline year-on-year, while most investment banks’ posted relatively flat revenues.
In November, Peter Selman, Goldman Sachs’ former co-head of equities trading who retired last year, was named as Deutsche Bank’s new head global equities. Selman, who started his career in London, has a background in equity derivatives and headed the division at Goldman before taking his latter role. He takes over from Tom Patrick, who was named head of Deutsche’s Americas business in August.
Chen’s appointment is one of a series of recent senior appointments within Deutsche’s U.S. equities business. Eric Johnston, head of U.S. cash trading, and David Lewis, head of international high touch trading in the Americas, also both joined in November.
In its third quarter results Deutsche singled out equity derivatives as a reason for lower revenues, saying that they were “significantly lower” due to lower client activity and volatility.
Deutsche’s CEO John Cryan noted the the poor performance of its equities division during the third quarter results and said that it was hiring to address the problem. “The equities business continues to need more investment in infrastructure and people, which we plan to make,” he said.
Chen spent six years at Citigroup in New York, joining in 2011 from Citadel Securities, where he was a vice president in equity derivatives trading. He graduated from Stanford in 2006 with a degree in Computer Science, and started out at Morgan Stanley as an index derivatives trader.
Have a tip, story or comment? Contact: firstname.lastname@example.org