Deutsche Bank AG hired Barclays Plc’s Dan Voloshin to trade commercial-mortgage bonds as the bank builds up its team dedicated to buying and selling the debt.
Voloshin will be a director based at the lender’s New York office, Amanda Williams, a Deutsche Bank spokeswoman, said in an interview today. He will report to Aaron Greenberg, who runs commercial-mortgage backed securities trading in the U.S. alongside Arnie Zhou.
Germany’s biggest bank is pushing ahead in the market for bonds linked to everything from skyscrapers and hotels to strip malls and trailer parks as other firms shrink their fixed-income footprints. Deutsche Bank was the top underwriter of CMBS last year globally, according to industry newsletter Commercial Mortgage Alert. The lender grabbed 21.5 percent of the U.S. CMBS market, followed by JPMorgan Chase & Co. with 15.6 percent.
While Deutsche Bank is expanding its debt-trading unit, Barclays has been shrinking its fixed-income business. Chief Executive Officer Antony Jenkins is cutting 7,000 jobs at its investment bank over the next two years amid a decline in profits from fixed income, currencies and commodities, traditionally its biggest revenue source.
Barclays is shifting Keerthi Raghavan to the trading desk from CMBS research to replace Voloshin, according to an e-mailed statement.