Deutsche Bank's head of distressed sales quit on Friday, seemingly for Morgan Stanley
In a good year, Deutsche Bank's distressed products group can be a significant revenue earner for the German bank. In the past year, however, various senior people seem to have left.
They now include Brad Dunkin, Deutsche's US head of distressed sales. Dunkin is thought to be joining Morgan Stanley. Deutsche Bank declined to comment on his disappearance.
Dunkin spent 12 years at Deutsche. He arrives at Morgan Stanley after the firm unexpectedly parted company with Nicholas Brice, its head of US leveraged finance, in March.
The distressed business has been known to generate $1bn a year for DB. Dunkin's departure from Deutsche Bank follows that of business head Gavin Colquhoun last year and the exit of top trader Mark Spehn. If the German bank wants to fill any holes, it could always rehire Brice (also known as "Nice"), who worked there for two years before joining Morgan Stanley in 2017.
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