Deutsche Bank is hiring an ex-Goldman Sachs partner to run its global equities business

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• Deutsche Bank is hiring former Goldman Sachs partner Peter Selman to run its global equities business.
• Selman spent 22 years at Goldman Sachs before retiring in 2016 from his position as co-head of global equities trading and execution services.

Deutsche Bank is hiring an ex-Goldman Sachs partner to run its global equities business.

Peter Selman, who had been co-head of global equities trading and execution services at Goldman Sachs before retiring in 2016, has agreed to material terms to join the German bank as head of global equities though the deal has not been finalized, according to people familiar with the matter.

Selman will be tasked with reviving Deutsche Bank's equities business at a time when trading is facing deep struggles across Wall Street. While the equities business hasn't fared as badly as bond trading, it's nonetheless down 3% from 2016 through the first nine months of the year, with revenues falling $1 billion from $33.3 billion to $32.3 billion.

Deutsche Bank declined to comment.

In the first half of the year, Deutsche Bank ranked toward the bottom of the top-10 in global equities league tables, consistent with its ranking for all of 2016, according to industry consultant Coalition.

Deutsche Bank has been investing heavily in its sales and trading operation, adding 50 managing directors and directors in the US 2017, mostly in equities and credit. The firm hired two MDs and six directors in equity trading earlier this month.

Selman's arrival provides additional heft to the growing unit.

Selman, 44, spent 22 years at Goldman Sachs and was named a partner in 2006. He has a degree in economics from the University of Cambridge.

He will be based in New York and report to Marcus Schenck and Garth Ritchie, the co-heads of Deutsche Bank's corporate and investment bank, and Tom Patrick, who was previously the global chief of equities and was named the bank's Americas CEO this summer.

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