Manav Gupta left Deutsche Bank as Credit Suisse vets take over
Manav Gupta has left Deutsche Bank. Sources say that Gupta, who was hired from Goldman Sachs in 2019 to head investment grade and high yield credit trading, left the bank last week.
Deutsche declined to comment on the exit. Gupta's exit follows the arrival of Jonathan Moore, the former European head of credit trading at Credit Suisse, who's joined DB as head of European flow credit sales and trading.
Moore was an extremely popular figure at Credit Suisse and it's conceivable that other CS traders could follow him and soon turn at DB too. He's not Deutsche's only recent Credit Suisse hire: the bank has also recruited people like Paul Bajer, Credit Suisse's former head of credit structuring, and Brian Connors, who co-headed investment grade trading at CS.
When Gupta arrived at DB three years ago, he was tasked with spearheading an expansion into flow credit products and resuming Deutsche's business trading single name credit default swaps. The German bank began trading credit default swaps again last September.
Deutsche is one of the leading traders of credit products. It's due to announce its third quarter results on October 26th. In the first half, revenues in its fixed income trading business rose 22% year-on-year.
While Credit Suisse prepares to restructure its business following its own third quarter results on October 27th, Deutsche Bank had its own struggle in 2019, from which it appears fully recovered. Dixit Joshi, Deutsche's former treasurer during that period, is now Credit Suisse CFO. The movement is not all one way.
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