Deutsche Bank has hired a new managing director in credit trading - one of the bank's top businesses
- Deutsche Bank has hired a new managing director in its credit-trading business, one of the bank's top performers.
- Drew Meany, formerly an MD at Cantor Fitzgerald, is joining Deutsche Bank as an MD in high-yield credit trading, according to people familiar with the matter.
- While overall fixed-income trading revenues have declined at Deutsche Bank this year, credit trading is a bright spot where the bank is tied for first on the industry league tables.
Deutsche Bank is adding talent in its credit-trading business, one of its top performers, poaching a senior trader from Cantor Fitzgerald.
Drew Meany, formerly a managing director at Cantor, is joining Deutsche Bank as an MD in high-yield credit trading, according to people familiar with the matter.
Meany, who worked at Imperial Capital prior to Cantor, will start early next year and report to Jeff Chang, who was hired away from UBS in 2017 and runs high-yield credit in the US for Deutsche.
Deutsche Bank, Cantor Fitzgerald, and Meany each declined to comment.
The German bank has had a challenging year, including cuts to its sales and trading operation in the US amid declining revenues and the ouster of John Cryan as CEO, who was replaced in April by retail-banking expert Christian Sewing.
But the bank's credit-trading business remains a top performer. While overall revenues in its global fixed-income, currencies, and commodities division have taken are down 17%, according Bloomberg data, it was tied for first-place in credit trading through the first half of the year, according to data from industry consultant Coalition.
The bank is especially strong in distressed and high-yield trading, according to people familiar with the matter.
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