- Turning its attention from cleaning up legacy issues to growth, Deutsche Bank (DB +0.4%) is adding senior staff and billions in capital to its U.S. unit, with the latest move being the elevation of Rich Herman to New York-based co-head of fixed income trading. Herman previously ran the global debt sales team out of London, but will relocate to the Apple to replace Wayne Felson.
- Deutsche has typically had #1 market share in U.S. bond trading, but fell all the way to 4th spot last year behind JPMorgan, Credit Suisse, and Citigroup, according to research group Greenwich Associates.
- “We see fixed income as a core franchise at Deutsche Bank and remain committed to it,” said Deutsche co-CEO Anshu Jain last month, vowing to step up U.S. investment.
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