Nov. 15 (Bloomberg) -- Deutsche Bank AG hired Jim Kenny, formerly of Credit Suisse Group AG, as co-head of investment-grade credit in North America, two people with direct knowledge of the move said.
Kenny will be be based in New York, reporting to Thomas Hartnett, who’s in charge of rates and investment-grade credit for the Americas, according to the one of the people, who requested anonymity as the information hasn’t been made public. He’ll share responsibility for the unit with Joshua Wilkes, who joined Deutsche Bank in 2007. Kenny was previously co-head of U.S. investment-grade trading for Zurich-based Credit Suisse.
Deutsche Bank co-Chief Executive Officer Anshu Jain, 50, said last month he wants the Frankfurt-based firm, Europe’s largest investment bank by revenue, to remain one of the biggest fixed-income and derivatives traders globally as competitors pull back. Credit Suisse is shrinking part of its rates business as more stringent leverage rules make it more expensive.
Oksana Poltavets, a spokeswoman for Deutsche Bank in New York, said she couldn’t comment, while Kenny declined to comment by text message.
Credit Suisse has lost at least three other senior members of its New York-based credit team in recent months. Phil DeSantis left as co-head of global credit products after 13 years at the bank, according to an internal memo distributed in March. Jed Kelly exited as the co-head of syndicated loan sales one day after DeSantis’s departure was announced.
Catherine Duffy, a New York-based managing director in high-yield sales, left in June after returning to Credit Suisse in 2010 following an earlier 24-year career at the bank and a predecessor firm, Donaldson, Lufkin & Jenrette Inc., according to records maintained by the Financial Industry Regulatory Authority.
To contact the editor responsible for this story: Peter Eichenbaum at firstname.lastname@example.org