The Germans are said to have asked a number of employees to clean our their desks.
Deutsche Bank eliminated or moved as many as 10 traders of credit-default swaps in London and related indexes as it trims that part of its fixed-income business amid new regulations, said people with knowledge of the matter. Josh Farber and Melvyn Merran, who traded credit-derivatives indexes, and credit-swaps traders Colin Webb, Dray Simpson and Fionn O’Leary were let go, according to the people, who asked not to be identified because they’re not authorized to speak publicly. Another three to five swaps traders either had their positions cut or were moved to other jobs, the people said. The bank said last month it would stop trading most credit-default swaps tied to individual companies because new regulations make it too costly to operate in that market. The business was one of the fastest-growing for securities firms before the 2008 collapse of Lehman Brothers Holdings Inc.
Deutsche Bank Said to Cut Up to 10 London Credit Traders [Bloomberg]
