Deutsche Bank AG hired Greg Kuppenheimer of Goldman Sachs Group Inc. as a managing director and co-head of equity structuring for North America, at least the third senior-level hire from its U.S. rival in two months.
Kuppenheimer will be based in New York and report to Amit Bordia, head of the equity structuring group, according to Renee Calabro, a spokeswoman for Frankfurt-based Deutsche Bank, Germany’s largest lender. Kuppenheimer was co-head of equity structured products and a managing director at New York-based Goldman Sachs, Calabro said.
Deutsche Bank is expanding its equities business in the U.S. as Anshu Jain, who took over as the firm’s sole head of the corporate and investment bank in July, spends 1.6 billion euros ($2.2 billion) on hiring and technology over two years to gain market share in U.S. equities and commodities.
Kuppenheimer will be responsible for helping to create structured notes, over-the-counter derivatives and other products, Calabro said. Structured notes are bonds that have been bundled with derivatives, or contracts whose value is derived from stocks, bonds, currencies and commodities.
Deutsche Bank has sold $1.5 billion of structured notes to U.S. investors this year, the seventh-highest total among banks, according to data compiled by Bloomberg. That doesn’t include private placements, or sales to institutions that aren’t reported to regulators.
Kuppenheimer also will be head of structured equity sales in North America in the company’s markets division, where he will report to Derek Capanna, head of institutional equity sales for North America.
Deutsche Bank in August hired Ted Wasserman away from Goldman Sachs to be head of equity derivatives flow sales for North America and last month retained Marcelo Pizzimbono, also from Goldman Sachs, as head of New York research sales. The firm in July also appointed Dixit Joshi, formerly of Barclays Plc, as head of equities for Europe, the Middle East and Africa.