A top Deutsche Bank fixed income salesman is leaving the German lender after almost 20 years as senior departures continue
- Deutsche Bank's global head of emerging markets, David Posen, left the firm last week, according to people with knowledge of the departure.
- Posen had worked at Deutsche Bank since 1999, working his way up to run all of sales for emerging-market debt.
Deutsche Bank's top emerging markets debt salesman, David Posen, has left the firm after nearly 20 years in the latest exit for the struggling European lender.
Posen was global head of emerging markets sales in the bank's fixed-income, currencies and commodities unit, according to two people with knowledge of his departure who asked for anonymity to discuss personnel issues. Posen declined to comment when reached by phone. A Deutsche Bank spokesman declined to comment.
Posen has more than 30 years in the industry. He joined Deutsche Bank in 1999 when the German lender purchased BT Alex. Brown and subsumed it into its other securities operations, according to employment records kept by the Financial Industry Regulatory Authority. By 2003, when a wedding announcement appeared in the New York Times, Posen was already a managing director. The announcement shows that he graduated magna cum laude from Duke University.
Deutsche Bank's stock price has fallen 48% this year through Friday's close, and CEO Christian Sewing has struggled to stem staff departures despite telling senior managers on a conference call to discuss third-quarter earnings that they should stop worrying about a rumored merger with Commerzbank and instead focus on their jobs.
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