Deutsche snares top UBS energy structurer

Deutsche Bank has hired Louise Kitchen as global head of commodities structuring and marketing, based in New York.

Kitchen previously headed energy distribution and structured products at UBS. In her new role, she will report to Hope Pascucci, global head of debt capital markets.

“Louise is one of the most respected marketers and structurers in the US power and gas markets,”said Mark Ritter, Deutsche Bank's global head of commodities, who left UBS earlier this year.

Kitchen joined UBS when it took over the energy trading unit of Enron in January 2002. At Enron she led the development launch of the company's online energy trading platform, EnronOnline, a decision that she reportedly took without the knowledge of Enron's then chief operating officer, Jeffrey Skilling. The platform's initial success led to her promotion to president of EnronOnline and chief operating officer of Enron Americas.

However, the decision to make Enron - through EnronOnline - the counterparty in every trade is widely blamed as a major reason for the company's eventual collapse, as it increased its exposure and led to huge borrowing costs.