Deutsche Bank Deepens Emerging-Market Rebuild, Adds Two Traders
(Bloomberg) — Deutsche Bank AG is deepening its push into emerging markets credit, adding two executives to New York as part of an expansion that began last year and included poaching a high-profile star trader from a rival.
Thomas Fitzpatrick, who previously held senior trading roles at Mizuho Securities USA LLC and UBS, started in December, while former HSBC Securities trader Christopher Staudt was also hired by the German lender, according to people with knowledge of the matter who declined to be named due to confidential information. Both will focus on Latin American corporate debt.
At least 13 people, including traders, salespeople and analysts, have joined Deutsche Bank’s desks in New York and London as the bank rebuilds its emerging markets business with a particular focus on Latin America. More hires are expected, potentially bringing the total to around 25, people familiar with the plan said.
The hiring spree is part of an effort by executives including Chris Leonard, co-head of fixed income and currencies for the Americas, who pitched the expansion to senior management, the sources said. A spokesman for Deutsche Bank declined to comment.
The bank had largely closed its emerging markets lending desk in New York since 2019; During this period, after a long period of scandals and losses, there was a downsizing in various areas in order to focus on the main business areas. On Wednesday, Deutsche Bank was raided by German authorities as part of a money laundering investigation. Prosecutors are examining the staff’s past relationships with firms linked to Russian financier Roman Abramovich, who is now subject to sanctions, according to people familiar with the matter.
Deutsche Bank’s renewed commitment to emerging markets comes at a good time. The industry has been in the doldrums for months amid President Donald Trump’s trade war and efforts to diversify and protect exposure to the United States, as well as increased confidence in many emerging economies. Demand from yield-hungry investors drove one of the best years on record for emerging market bond sales in 2025, and that trend has continued this year.
The rebuilding efforts drew attention on Wall Street last year when the firm hired star emerging markets trader Justin Weinberg from Jefferies Financial Group Inc. and brought along three of his colleagues. The departures troubled Jefferies and led to the ouster of one of its co-heads of emerging markets. The other one set off.
After wrapping up their so-called garden leave period, Weinberg and his team spent weeks on the road last fall meeting with customers and explaining the renovation. They are now starting to see a pick-up in flows, according to people I know who have traded developing world loans with department stores.
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