Deutsche Bank's new team comprises a French guy from BNP Paribas
As Bloomberg noted last November, Deutsche Bank has renewed its interest in base metals trading around a decade after pulling out of the area entirely.
Its new base metals trader has now arrived. Thiébaud Format, a former base metal trader at BNP Paribas and Commerzbank in London, is now at his desk according to his LinkedIn profile.
Deutsche Bank declined to comment on whether Format is the start of a whole new thing or whether other hires will follow.
Speaking earlier this month, Deutsche's UK & Ireland Chief Executive Officer, Tiina Lee, said the German bank may "strategically adjust headcount," which sounds ominous. However, Lee also said that DB plans to hire strategically where "there are adjacencies to our existing businesses."
This means base metals. It also means a potential return to trading mortgage backed securities, implying that there may be hiring there too.
Deutsche Bank bonuses are announced today in what threatens to be a touchy bonus round as fixed income traders share their loot with underperforming investment bankers.
Deutsche has also been hiring in credit. As we reported yesterday, Credit Suisse credit traders and salespeople are still reconvening at DB in London.
Deutsche's return to base metals trading comes after a bumper year for commodities traders. However, doubts are emerging over whether this will be repeated in 2023.
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