- Thomson Reuters
Deutsche Bank’s head of US rates sales, Bryan North-Clauss, has left the firm, according to two people familiar with the matter.
North-Clauss joined the firm in September from Morgan Stanley.
He was based in New York and originally reported to Chris Yoshida, who was the global head of rates sales before leaving the firm in March.
Deutsche Bank’s rates-trading business, which had targeted ambitious revenue growth in 2016, suffered from a tough start to the year. The business focuses on the trading of government debt and interest-rate derivatives.
The bank announced a new lineup at the top of the markets business in November. Ram Nayak was appointed to lead a new debt-trading unit that combined rates, credit, foreign exchange, emerging-market debt, and structured-finance trading.Sam Wisnia heads rates in Europe and the Americas.
It then found itself the subject of speculation in February as investors fretted over its ability to pay the coupon on contingent bonds, and credit default swaps on the bank’s debt widened dramatically.
CEO John Cryan said earlier this year that the bank may not be profitable in 2016. He added that markets revenues were”obviously going to be down in the quarter because everyone else’s are, but we’re exiting lots of businesses too.”
The firm reported second-quarter earnings this week and saw profits nosedive to just 20 million euros, or $22 million, from 800 million euros in the same period last year.
Deutsche Bank declined to comment.