As Credit Suisse struggles with big losses in the investment bank and prepares for yet another round of restructuring and cost-cutting, Deutsche Bank is availing itself of the Credit Suisse people who want some respite from the gloom.
Deutsche's latest Credit Suisse hire is Edward Marlow, a former managing director in Credit Suisse's emerging markets business. Marlow just joined DB in London.
This is the second time Marlow has left the Swiss bank. He worked there for just over a year in 2010 before moving to Renaissance Capital. He was back at CS in 2015, and worked at Credit Suisse for seven and a half years before removing himself to DB. At CS, he was head of Sub Saharan African coverage and sales.
Marlow isn't Deutsche's only ex-Credit Suisse markets recruit. The German bank has also been spied hiring people like Ruchir Sharma, Credit Suisse's Singapore-based head of APAC FX Trading, as well as Paul Bajer, Credit Suisse's former head of credit structuring, and Brian Connors, who co-headed investment grade trading at CS.
The moves come as Deutsche Bank looks well-placed to reward its traders and salespeople this year. In the emerging markets team that Marlow's joining, the German bank said revenues more than doubled in the second quarter. Credit Suisse, however, appears to be at risk of paying poor bonuses and clawing back deferred stock for the second year running.
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