CSFB appoints derivatives sales director for Germany

He will cover insurance companies and pension funds in Germany and Austria, reporting to Bjorn Storim, head of derivatives sales for Germany and Austria.

Krebs is rejoining CSFB after two and a half years at Merrill Lynch, where he was senior vice-president of credit and interest rate derivatives and structured solutions marketing to German insurance companies.

The move is part of CSFB’s plans to rebuild its European derivatives sales team. In March, Barclays Capital poached European distribution head Guglielmo Sartori di Borgoricco, triggering an exodus of derivatives sales and marketing staff to Barclays. This cut the German team in half, leaving CSFB reeling from Barclays’ aggressive hiring policy.

But Krebs is optimistic about the future. “We have a superior platform to many other banks in the derivatives department. Early next year, we expect to hire more staff and rebuild our team,” he said.