JP Morgan poaches from Deutsche’s credit derivatives group

A handful of Deutsche Bank’s credit derivatives group has defected from Deutsche Bank to join JP Morgan in New York.

Brian Zeitlin, former co-manager of Deutsche Bank’s collateralised debt obligation (CDO) and credit hybrid business will head JP Morgan’s global CDO business. He will also be involved in the bank’s global structured credit business.

Zeitlin’s surprise move comes just five months after the German bank reorganised its credit derivatives business. Back in April, Zeitlin and Mark Stainton were appointed to manage the CDO and credit hybrid group as part of a wider rejig of the securitised products group (SPG) at Deutsche. Zeitlin reported jointly to SPG co-heads Richard D’Albert and Michael Raynes. Deutsche Bank declined to comment on the details of Zeitlin’s departure.

According to an internal memo obtained by RiskNews, Zeitlin will be joined at JP Morgan by four of his former Deutsche colleagues: James Kane, Steve Weinreich, Yale Baron and James Millard. “This group brings years of experience in this product [CDO], strong client contacts, and a similar approach and style that will work well in our culture,” the memo stated.

The team will join JP Morgan after completing their duties at Deutsche Bank, according to JP Morgan, which declined to comment on the reorganisation of its CDO group, or when precisely the new appointees will start work.