LONDON, Oct 13 (IFR) - Paul Huchro has been made global head of investment grade credit trading at Deutsche Bank. He was previously head of US flow credit trading at Goldman Sachs from 2010 to 2016. He will also head up high yield credit trading in the US and Europe.
Goldman has suffered from weaker trading across its fixed income, currencies and commodities division this year. Huchro worked at the US bank for 30 years and was in charge of investment grade trading for 10 years from 1998 and high yield after 2008. He will start at Deutsche on October 16.
Deutsche said it had made 21 new hires in its investment grade trading division in Europe and 19 in the United States over the last 18 months. The bank suffered a weak period a year ago on concerns it might have to pay a US$14bn fine for US mortgage-backed securities offences.
“We intend to keep investing in this area,” said Shawn Faurot, head of North American credit trading. His counterpart in Europe, Gavin Colquhoun, said he expected client activity to increase in the coming months “as monetary stimulus is withdrawn [by central banks]”.
Deutsche said it has also hired Tian Zeng as a senior credit index trader from Citadel Securities, where he built the firm’s credit index trading team. (Reporting by Christopher Spink)