EXCLUSIVE: There's a mass exodus at Deutsche Bank vaunted credit trading desk, as even rock stars are seeing their pay slashed
Employee exits at
At least initially, Deutsche executives planned to not only spare its profitable investment-banking business lines in the US, but to lean into them.But the credit-trading group, a perennial top competitor which includes the firm's vaunted distressed-debt desk, has experienced a rash of departures in the US in 2020 as executives angled to cut costs and squeezed compensation, according to conversations with six sources familiar with the firm's
The exits have cleaved 25% of the headcount in the firm's vaunted US-based distressed-credit group, and have hit high-yield, investment-grade, and loan trading as well.
This all has left the firm short-handed during one of the most active and volatile credit-trading