Deutsche Bank raids Barclays prime brokerage talent pool
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Deutsche Bank raids Barclays prime brokerage talent pool 03 January 2020New York Reporter: Natalie Turner
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Deutsche Bank has set its sights on enhancing its outgoing prime brokerage business with the recruitment of several executives from Barclays.
The new hires include Barclays’ former managing director, head of US equity financing sales, Ted Post, along with former directors of equity finance sales Brian Bendowski, Stephen Cash and Tom Kocica.
They are all set to join Deutsche Bank in February and mark some of its first hires for its equity finance business since it began a radical restructuring that included the sale of its prime brokerage business to BNP Paribas in September 2019.
All four are expected to eventually migrate to BNP Paribas once the sale is complete.
Post first joined Barclays in 2012 with a focus on prime brokerage sales and hedge fund coverage, before taking on his most recent role in January 2019. He also brings equity financial products and prime brokerage experience from a four-year stint at J.P. Morgan.
At Deutsche Bank, Post is understood to be taking on the role of co-head of global prime finance sales, based in New York.
Kocica and Bendowski bring extensive experience in coordinating the distribution of all securities lending services. Kocica previously worked in securities lending roles at Morgan Stanley along with Cash, who was a trader in international equity finance.
Deutsche Bank confirmed the hires but was unable to offer further details on their roles or how it fits into the bank’s plans for its prime brokerage business.
The German bank has endured a steady stream of senior executives leaving the bank in the past year as part of its plan to cut its workforce by a fifth, representing 18,000 jobs, and return to its core business model.
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