Deutsche Bank has made a big hire for its electronic equities trading team.
The German bank hired James Rubinstein, UBS' Americas head of algorithmic trading and analytics, as a managing director in New York earlier this month. Rubinstein, who has two decades of experience in algorithmic trading and quantitative research, is joining as Deutsche's Americas head of electronic equities.
A graduate in Economics from Colgate University, Rubinstein started his career in 1998 as a manager of the trading research group at Instinet, a financial services firm owned by Nomura Group. After working there for four years, he took a break to pursue MBA from Dartmouth College. In 2004, he joined FlexTrade Systems as the vice president but moved to UBS in 2006 where he spent the next 12 and a half years.
Rubinstein's arrival at Deutsche comes at a time when analysts fear that the German lender may have been caught in a downward spiral.
Deutsche Bank's equities revenues fell 15% year-on-year in the third quarter of 2018, while Barclays' equities revenues rose 36%. Earlier this year, the German lender sharply reduced its presence in U.S. equities as part of its strategy for cutting costs to €23bn in 2018 and focusing on core areas.
Deutsche has lost a few key people from electronic equities team including its EMEA head of equities product development Florian Miciu and the co-head of equities algorithm quants Taras Bondar, both of whom left the bank after the cost-cutting measures were announced. The bank also hired ex-Goldman Sachs partner Peter Selman to head its equities business earlier this year. Rubinstein appears to have been drafted in by Selman to help Deutsche strengthen its U.S. electronic equities team amid the slowdown.
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