A very senior sales trader left Deutsche Bank in New York
No sooner was it reported that Deutsche Bank is (surprise, surprise) making deeper than usual cuts this year, than we hear that one of its most senior New York sales traders, David Liberatore, has left the bank.
Deutsche didn't immediately respond to a request to comment on Liberatore's exit, but colleagues confirmed that he left the bank in January.
Liberatore was a managing director and senior international sales trader at Deutsche Bank Securities and is understood to have been very popular with colleagues and clients. His FINRA profile shows him starting in the industry in 1992 and joining Deutsche Bank in 2003. Liberatore was a veteran. Prior to DB, he worked for Dresdner and Merrill Lynch.
The reason for his departure from Deutsche Bank isn't immediately clear, but January seems a strange time to choose to leave given that the German bank doesn't pay its bonuses until March. Late last year, Deutsche hired Peter Selman, a former Goldman Sachs partner to turn its equities business around. Headhunters say Selman will be hiring once bonuses are paid.
Deutsche CEO John Cryan has promised to get "aggressive" in managing expenses and cutting costs this year. Earlier this week, Bloomberg pointed out that Deutsche's share price has declined more than any other bank since the start of the year following concerns about the viability of its business model.
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