Deutsche Bank's Head of Equities Trading Is Said to LeaveBy
Andre Crawford-Brunt is departing after more than 20 years
Bank expanded its equities unit to balance debt trading
Deutsche Bank AG’s head of equities trading, Andre Crawford-Brunt, is leaving the company after more than 20 years, according to a person familiar with the matter.
Equities chief Garth Ritchie informed staff of the departure Monday, according to the person, who asked not to be identified discussing personnel matters. Crawford-Brunt is leaving for personal reasons, the person said.
Deutsche Bank has sought to build out its equities unit as a counterweight to its larger fixed-income and currencies trading business, which is being squeezed by stricter regulation. The departure comes as the Frankfurt-based firm prepares a broader overhaul to lift profitability and capital reserves to shoulder the costs of fines for past misconduct.
Crawford-Brunt’s subordinates will report to regional heads of equities, the person said. A call to Crawford-Brunt’s phone number in New York went unanswered.
The bank separately promoted Mark Hibbert and David Murphy to head U.S. equity sales trading as it continues a restructuring of that business, a company spokeswoman said last week.
Deutsche Bank’s revenue from equity sales and trading jumped 39 percent to 975 million euros ($1.1 billion) in the second quarter from a year earlier. The firm cited a “strong performance” in cash equities in Asia, higher income from equity derivatives as well as “increased client balances” at its unit which caters to hedge funds.
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