Friday, 29 July 2016
Last updated 16 hours ago
Jul 14 2010 | 12:51pm ET
Deutsche Bank’s head of proprietary stock trading is leaving the firm to join a hedge fund.
It is unclear which hedge fund Pablo Calderini will work for. What is clear is that his 14 years at Deutsche Bank are over, as the German bank moves to get out of the prop. trading business. Deutsche Bank has slashed the amount of capital available to Calderini’s desk by 90% and closed its proprietary credit trading desk. Calderini’s own unit will now be merged into Deutsche Bank’s equity flow business, Bloomberg News reports.
“Pablo has led the development of a number of cornerstone businesses in our sales and trading platform,” Anshu Jain, head of investment banking at Deutsche Bank, said in an internal memo announcing Calderini’s exit. “Most recently Pablo led our equity proprietary trading business, including its successful transformation since the crisis to a highly-liquid, less capital-intensive strategy.”