A veteran trader has just resurfaced at Deutsche Bank after 19 months out of the market.
Olivier Gazzolo, the former global head of credit trading at Société Générale, who left the French bank in May 2017, has joined Deutsche as a managing director for investment grade (IG) credit trading in London last month.
Gazzolo joined Société Générale in 2006 as the head of IG cash trading. He was appointed as the head of FIC (Fixed Income & Currencies) credit in 2012. After working more than a decade for the French bank, he left in mid-2017.
It is not clear what Gazzolo did during the one-and-a-half-year break.
A graduate in banking, corporate, finance, and securities law from Neoma Business School, Gazzolo has more than two decades of experience. He started his career with Louis Dreyfus Finance as bonds and credit trader in 1995. In 2000, he moved to Calyon, the corporate and investment bank of the Crédit Agricole Group. At Calyon for five and a half years, he rose to become the head of European credit trading before leaving it for Société Générale in 2006.
Gazzolo's arrival at Deutsche Bank comes as the bank is selectively adding staff as it struggles to increase revenues and cut costs under CEO Christian Sewing. The Financial Times reports today that Deutsche Bank's debt funding costs are far higher than rival banks' and that some clients have had to be turned down because of this.
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