Anshu Jain hired an equities MD who left Deutsche Bank's U.S. platform
If you're working in Deutsche Bank's U.S. equities business and are feeling all sorts of sweaty about your future, you might want to cast an eye across to one of your ex-colleagues who escaped a few months ago and has just arrived somewhere else.
David Liberatore, the ex-senior Deutsche Bank sales trader who left the German bank in February, turned up at Cantor Fitzgerald in New York City. Liberatore landed at Cantor yesterday according to his FINRA registration history.
Needless to say, Cantor's president is Anshu Jain, the former CEO of Deutsche Bank. We can only presume that Jain and Liberatore were already acquainted, given that the two men worked together at Deutsche for over a decade.
Liberatore's move to Cantor comes as Deutsche is in the process of having its global equities business, "scrutinized by the board." The board's scrutiny is widely expected to lead to the closure of those elements of the U.S. equities business that deal with U.S.-focused clients. J.P. Morgan analysts suggests that costs at DB U.S. equities exceed revenues in the ratio 5:4.
300 jobs were allegedly cut from Deutsche Bank's U.S. business last week. 1,000 jobs are expected to be cut from the U.S. in total.
While Deutsche's U.S. business pukes, Deutsche's ex-CEO has been busy hiring at Cantor. Last year saw the arrival of various fixed income sales and trading staff, plus big equities hires, including a head of equity capital markets syndicate from Credit Suisse and Pascal Bandelier from Barclays as head of global equities. When Jain joined Cantor in January 2017, the FT reported that his big focus would be to help Cantor “push deeper” into prime brokerage and fixed income sales and trading.
At Deutsche Bank, Liberatore was a managing director and senior international sales trader at Deutsche Bank Securities, where he's understood to have been very popular with colleagues and clients. His FINRA profile shows him starting in the industry in 1992 and joining DB in 2003.
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