Deutsche Bank’s Byrne Said to Leave Distressed Debt Trading Team

Stephen Byrne has left Deutsche Bank AG (DBK) as a managing director in the distressed debt trading team, said two people with knowledge of the departure, who asked not to be identified because the information is private.

Byrne joined Deutsche Bank in London in 2010 from Goldman Sachs Group Inc. (GS) where he was co-head of European high-yield and public loan trading, the Frankfurt-based bank said on April 21, 2010. Byrne reported to Gavin Colquhoun, European head of the Distressed Products Group.

Renee Calabro, a Deutsche Bank spokeswoman, declined to comment. Byrne didn’t returned a voicemail left on his mobile phone.

Deutsche Bank will cut costs by 4.5 billion euros ($5.8 billion) as it increase its after-tax return on equity to at least 12 percent by 2015, it said on Sept. 11 in a statement. The lender said in July that it will eliminate 1,900 jobs, including 1,500 at the investment bank and support areas, by the end of the year.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net