If Christian Sewing rewards anyone at Deutsche Bank this year, it will almost certainly be his credit traders. Deutsche Bank insiders say the London-based credit team has been selected for special plaudits from the bank's new management.
There will be several names to watch when Deutsche announces bonuses early next year. They include Aditya Singhal, the bank's head of Central & Eastern Europe, Middle East and Africa (CEEMEA) flow trading, Niru Raveendran, head of CEEMEA credit trading, and team members like Vivek Mittal, Vikramdeep Gill and Gary Sloan. They also include members of Cedric Lespiau's index trading team, including Ardacan Celebi, the credit index trading star who has helped Deutsche go from 10th to first on the iTraxx index trading ranking in the past year.
Deutsche's credit traders were reportedly called out for special praise by Ioannis (Yanni/John) Pipilis at a town hall held late last month. Singhal was reportedly singled out for special praise at the event after he generated more than $35 million in profits in the two weeks following the initial plunge of the Turkish lira in the summer.
The prowess of Deutsche Bank's credit team was reflected in the recent ranking of bank's businesses in the first half of the year by intelligence firm Coalition. Coalition ranked Deutsche joint first globally for credit trading in the first half of 2018, up from second globally in 2017. It might also be thanks to the credit trading business that Deutsche's sales and trading revenues were only down 7% quarter-on-quarter in the three months to September, compared to a decline of 13% at Goldman Sachs.
In a year when bonus allocations at Deutsche are tight, again, it therefore seems clear who should receive the most leniency as managers split the pot.
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