Deutsche Bank is quietly cutting a few US fixed income people
Deutsche Bank's share price may have recovered somewhat today, but after its experience last week, the German bank may feel inclined to cut a few more cuts than previously planned in 2023. Sources say some new cuts - which have likely been in the pipeline for a while - are already underway.
Deutsche Bank declined to comment on the cuts, which are understood to be impacting its fixed income business in America. Sources said the involuntary exits included Dougas Davies, a director in high yield sales and trading who joined from Morgan Stanley in 2017.
James Colucci, an investment grade corporate bond trader who'd been at Deutsche for 15 years, is also understood to have left and has gone to Truist Securities.
Deutsche's cuts come after its shares were down nearly 15% on Friday. They also follow some heavy hiring into its credit sales and trading business in the last year. Many of those hires were derived from Credit Suisse in Europe.
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