Deutsche Bank hired a new head of credit trading from Morgan Stanley
Deutsche Bank has hired a new head of US credit trading to replace Dan Crowley, who left in February.
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Edward Bayliss, the head of corporate credit for North America at Morgan Stanley is understood to be joining Deutsche's New York office as Crowley's replacement.
Deutsche Bank didn't immediately respond to a request to comment.
Bayliss spent 16 years at Morgan Stanley according to his FINRA registration. He ran investment grade trading for the US bank. In 2020, Business Insider described him as «shrewd at risk management and strong at developing talent.»
Deutsche Bank made various hires from Credit Suisse's credit sales and trading business in London in 2022 and 2023, includingJohnny Moore, Credit Suisse's very popular former global credit head. In the US, though, its credit recruitment has been more muted.
Deutsche Bank is due to report its first quarter results tomorrow. Last year, fixed income sales and trading revenues at DB fell 11% as a result of weak macro trading even while credit trading revenues were «strong.»
Michael Nelson, head of markets in the US at search firm Sheffield Haworth says Deutsche has historically been a «top US credit shop.
»Bringing Ed Bayliss over to run US credit is a big commitment," Nelson added.
Bayliss is Deutsche's second major US fixed income sales and trading this year: in February it hired Pedro Goldbaum from Citi to run US rates. Bayliss will be among familiar faces when he joins: last summer it hiredSaju Georgekutty from Morgan Stanley to run investment grade cash trading in America.
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