Goldman Sachs Group Inc. hired Duane Masucci, Deutsche Bank AG’s head of distressed sourcing, according to four people with knowledge of the move.
Masucci, 45, will be a so-called sourcer at Goldman Sachs, someone who locates and purchases distressed loans, bonds or claims for a bank’s trading group and clients, said the people, who declined to be identified because the hire hasn’t been announced publicly.
Masucci will probably start in New York in August, the people said. He reports to Tom Tormey, Jerry Keefe and Dennis Lafferty, co-heads of the distressed investing group.
Renee Calabro, a Deutsche Bank spokeswoman, Michael DuVally, a Goldman Sachs spokesman, and Masucci, all declined to comment.
Goldman Sachs, the fifth-biggest U.S. bank by assets, has recently made changes to its credit-sales and trading business, including limiting private information such as corporate financial projections that is available to employees in loan sales and trading.
As part of the changes, earlier this year the bank named Bryan Mix as global head of loan trading, and Jonathan Meltzer and John Shaffer as co-heads of New York credit sales.
Mix previously ran the Asia credit business, Meltzer was previously head of bank loan sales in New York and Shaffer was head of high-yield and distressed distribution groups, also in New York.
Leveraged loans, those rated below BBB- by Standard & Poor’s and less than Baa3 at Moody’s Investors Service, are usually private and investors in this debt can have access to material non-public information that buyers of high-yield bonds can’t.