Deutsche in major shake-up of credit responsibilities

Deutsche Bank has shaken up its credit derivatives business, making Boaz Weinstein its global head of investment grade credit risk. Weinstein took up the newly created role in June, continuing with his responsibilities as Deutsche Bank’s head of credit derivatives trading in North America.

In his new position, Weinstein oversees global trading for corporate bonds, fixed-income asset swaps and credit derivatives. He will also work with the heads of trading in the three areas, and with risk management, to keep aggregate global credit risk within bank limits. He continues to report to Rajeev Misra, Deutsche Bank's London-based global head of integrated credit trading.

Weinstein will also seek to expand cross-market proprietary trading activities in Europe, along with Antonio DiFlumeri, who trades European corporate preferred stock, subordinated debt and other securities for the bank's proprietary capital structure trading group in London.

Next month, Timothy 'Chip' Stevens, head of European credit derivatives trading for Merrill Lynch in London, will join Deutsche Bank in New York as a senior trader of US investment grade credit default swaps. In June, Jeremy Benkiewicz, a US corporate credit derivatives trader at Société Générale, joined Deutsche's New York-based proprietary capital structured trading group.

Meanwhile, George Pan joined the group earlier this month from JP Morgan Chase in New York, where he was a vice-president of credit derivatives research. Pan has written for Risk magazine (November 2001) on the practitioner’s view of the connection between equity price volatility and credit spreads.