Deutsche Bank hired a veteran Credit Suisse broker to strengthen its bond trading business.
Michael Lattarulo has resigned from the Swiss bank to take up a senior trading position at Deutsche Bank, according to sources familiar with the matter, where he will focus on investment-grade financial institutions.
A Deutsche Bank representative declined to comment. Credit Suisse did not immediately respond to a request for comment.
A nearly two-decade industry veteran, Lattarulo joined the German bank for the third time in his career. He started there in 2003, according to FINRA records, and moved to Bank of America in 2011. Lattarulo, who is known on the street for trading large volumes of bonds, according to an industry source, has returned to Deutsche Bank in 2018 for a year before jumping to Credit Suisse.
Now he’s back, and the company will rely on his experience to gain momentum in top-tier credit deals. Although fixed-income trading has been a consistent cash generator in the company, much of the company’s success has come from its vaunted distressed credit group.
German bank lost a number of credit brokers last year, amid cost cuts from its global restructuring and a compressed bonus pool. This included Steve Feinberg, formerly head of credit at the IG, who left last July to join the MUFG.
But the bank had bright spots of performance in the IG last year, and remained competitive in recruiting senior fixed income talent.
For Credit Suisse, bitten by the scandal, it is the latest in a series of outlets in your investment bank.