Deutsche Bank may be cutting costs and contemplating a merger with Commerzbank, but it is also doing some significant senior hiring for its fixed income business.
As we reported earlier, Deutsche has re-hired Kevin Burke back from Standard Chartered as its head of APAC institutional and treasury coverage. Burke isn't DB's only big hire: it's also recruited Elena Isaico from Barclays as its head of emerging markets sales.
Deutsche declined to comment on Isaico's appointment. She is understood to be joining as a managing director (MD) in London after nearly 12 years working for Barclays.
Isaico and Burke's arrival comes as Deutsche plans to cut costs to €21.8bn this year and to €21bn by 2021. Eyebrows have been raised internally about the two major new hires, which are thought likely to have necessitated large guaranteed bonuses. Deutsche Bank's credit trading business was, however, ranked joint first globally last year by Coalition and this in itself may have been inducement enough for Isaico and Burke to join.
As well as cutting costs (mostly in the middle and back office), Deutsche Bank is pursuing revenue growth this year. If growth isn't forthcoming it has suggested it may cut costs further.
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