Deutsche Bank's new ex-Morgan Stanley head of credit trading is surveying some empty seats
Edward Bayliss has arrived at Deutsche Bank in New York. We reported in April that Deutsche had hired Bayliss from Morgan Stanley to be its head of credit trading. Now we can report again that Bayliss has taken up his new job: he arrived last week, according to both our sources and to FINRA.
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Deutsche Bank had been without a head of US credit trading. Bayliss replaced Dan Crowley, the former head of US credit trading, who left in February. Unfortunately, in the intervening months, quite a few people appear to have left.
Deutsche's New York high yield team has been particularly afflicted by exits. They include Stephen Deletto, the former head of high yield credit trading at Deutsche, who left in late July and is now at TD Securities. There's also William Burke, a director in high yield trading, who's thought to have gone to UBS; Seth Goldstein, a VP in high yield trading who's thought to have gone to Wells Fargo; and Matthew Tola, an associate who's thought to be going to Truist.
The implication is that Bayliss might need to do some hiring, and indeed DB is currently advertising positions in New York high yield.
It's not clear why so many of the German bank's credit traders have left in recent weeks, but fixed income sales and trading revenues at the bank were down 3% year-on-year in the second quarter, versus increases of 16% and 17% at Morgan Stanley and Goldman Sachs respectively.
Deutsche Bank's credit team has been leaking London people too. Vikram Dadlani, the long-serving head of European corporates and financials trading, left at the end of July.
The flow isn't entirely in one direction. Deutsche has been hiring credit traders too, particularly from the defunct Credit Suisse team in recent years. More hires are thought to be in the pipeline.
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